Economy

Rupee Reaches 68-Level After Tumbling 32 Paise

NGOs are afraid board members, who work on an honorary basis, will quit if they are required to make their assets public. Credit: Reuters

The Indian rupee plunged 32 paise to crash below the 68 mark against the US dollar. Credit: Reuters

Mumbai: The rupee took a sharp plunge of 32 paise to crash below the 68 mark against the US dollar in early trade today on higher dollar demand from importers after the American currency strengthened overseas coupled with lower opening in the domestic stock market.

Dealers said dollar’s strengthening against rivals overseas following hints of interest rate hike in December from US Federal Reserve chief Janet Yellen also weighed on the domestic currency.

Besides, foreign fund outflows kept pressure on the rupee, they added.

The rupee had staged a smart rebound against the US dollar to end higher by 12 paise at 67.82 in yesterday’s trade on fresh selling of the greenback by exporters and banks.

Meanwhile, the benchmark Sensex was trading lower by 49.21 points, or 0.18%, to 26,178.41 in early session.

Categories: Economy

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