Rupee at 19-month low, down 30 paise against US dollar

The rupee was trading 30 paise lower at 68.54 per US dollar on Wednesday morning.

The rupee plunged by 30 paise to hit a 19-month low of 68.54 against the US dollar in early trade on Wednesday, on strong month-end dollar demand from importers and banks amid sustained foreign capital outflows.

On Tuesday, the rupee lost 11 paise to end at 68.24 against the US currency. (AP Photo)

This is the rupee’s lowest level against the greenback since November 29, 2016. The dollar’s strength against some currencies overseas weighed on the local unit but a higher opening of the domestic equity markets capped the losses, traders said.

Foreign portfolio investors (FPIs) sold shares worth ₹538.40 crore yesterday, as per provisional data issued by the stock exchanges.

On Tuesday, the rupee lost 11 paise to end at 68.24 against the US currency.

Meanwhile, the benchmark BSE Sensex rose by 53.85 points, or 0.15%, to 35,543.89 in opening trade.