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Published on 6/02/2018 12:52:00 PM | Source: Dion Global Solutions Ltd

Rupee continues free fall against US dollar

Posted in Top Stories| #Rupee #US dollar #Currency News

The Indian rupee tumbled against greenback on Tuesday due to strong dollar demand by exporters and banks and sustained fund outflows by foreign investors due to shoot up in US bond yields in wake of raising speculation that the Federal Reserve will raise interest rates more aggressively. At the Interbank Foreign Exchange Market, the local currency was trading 19 paise lower at 64.43 per dollar against a previous close of 64.24 per dollar (at 12:35 hours).

During the day’s trade so far, the rupee touched an intra-day low of 64.40 after opening at 64.60. Adding to it, heavy-sell-off in the domestic equity market also dented sentiment at local forex market. The 30-share benchmark index was trading at 33743.41, down by 1013.75 points or by 2.92 per cent, and the NSE Nifty was at 10358.05, down by 308.5 points or by 2.89 per cent.