Rupee Hits Two-Month Low
Dragged down in part by dollar demand from importers
Tracking weak stock markets for the second straight day, the rupee on Friday plunged by 39 paise to close at a two-month low of 54.75 dragged down by sustained dollar demand from importers and capital outflows.
Brokers said a weak trend in euro in overseas markets also dampened the rupee sentiment against the US dollar.
At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced higher at 54.30 a dollar from overnight close of 54.36. It immediately touched a high of 54.27 on initial jump in local stocks.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?