Economy

Rupee plunges 27 paise to end at 66.30 level

Rupee plunges 27 paise to end at 66.30 level

The rupee extended losses against the American currency for the second straight day, slipping by another 27 paise to close at 66.30 on sustained dollar demand from banks and importers in view of persistent foreign capital outflows.

Firm dollar in the overseas market also affected the rupee value against the dollar, a forex dealer said. The rupee opened lower at 66.12 per dollar as against Tuesday’s level of 66.03 at the Interbank Foreign Exchange market and dropped further to 66.33 on good dollar demand from banks before ending at 66.30, showing a loss of 27 paise or 0.41 per cent.

It has lost 30 paise or 0.45 per cent in last two days. It hovered in the range of 66.09 to 66.33 per dollar during the day. The dollar index was trading lower by 0.23 per cent as against a basket of six currencies in the late afternoon trade.

Investors are expected to trade cautiously ahead of the data due this week. The rupee is expected to trade weak taking cues from a strong dollar, a forex dealer said.

In the global market, the US dollar largely held onto strength against major currencies on Wednesday, but investors refrained from making major moves. Investors are in a wait-and-see mood amid a lack of fresh trading cues and still-lingering fears about terrorist attacks, a forex dealer said. Meanwhile, the benchmark Sensex tumbled by 381.95 points or 1.48 per cent to more than 2-month low at 25,482.52 on Wednesday.
[“source-businesstoday”]

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