Rupee drops 68 paise vs dollar, hits 8-week low of 66.44
The rupee Monday tumbled by 68 paise to close at a nearly 8-week low of 66.44 against the American currency on persistent dollar demand from banks and importers amidst sharp fall in equities.business Updated: Nov 09, 2015 19:31 IST
The rupee Monday tumbled by 68 paise to close at a nearly 8-week low of 66.44 against the American currency on persistent dollar demand from banks and importers amidst sharp fall in equities.
The rupee resumed lower at 66.41 as against the last weekend’s level of 65.76 at the Interbank Foreign Exchange market and dropped further to 66.50 before finishing at 66.44 per dollar, showing a loss of 68 paise or 1.03%.
The domestic currency had last ended at 66.46 on September 16. The rupee has lost 95 paise or 1.44% in three trading days. It hovered in the range of 66.50 to 66.31 during the day.
The dollar index was trading lower by 0.26% against a basket of six currencies in the late afternoon trade.
At overseas market, Oil prices rebounded in Asia but stayed below $45 a barrel as gains were limited by a strong dollar and data showing a decline in Chinese crude imports.
The dollar eased against the euro but gained against the yen on Monday, after stronger-than-expected US jobs data last week pushed the greenback sharply higher.
The dollar gained as that jobs data increased hopes for a US interest-rate hike in December. As well, foreign-exchange market participants are looking beyond the possible end-of-year increase, and are starting to factor in additional rate increases next year, Tokyo dealers said.
Meanwhile, the Indian benchmark BSE Sensex ended lower by 143.84 points or 0.55% to close at 26,121.40.