Rupee crumbles 69 paise to 64.84 on United States political turmoil

Paterniano Del Favero
Mag 19, 2017

The rupee ended nearly flat at 104.85 against the dollar as compared to Tuesday's closing of 104.84 in the interbank foreign exchange market.

Emerging market currencies like the Thai baht, Indonesian rupiah, Malaysian ringgit, and Russian ruble were trading 0.1 percent to 0.4 percent weaker against the dollar.

Mumbai: Fresh capital flight cast its shadow on the rupee as the local unit lost 27 paise at 64.42 against the U.S. dollar in the beginning, with additional support showing up in the form of demand from importers and banks.

While, stocks enjoyed their record breaking streak for the third straight session today.

At the Interbank Foreign Exchange market, the local unit resumed sharply lower at 64.34 from overnight closing level of 64.15 on frantic demand from the greenback from banks and importers.

On Wednesday, rupee has weakened against USA dollar.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.0214 and the euro at 71.1598.

In cross-currency trades, the rupee slumped further against the pound sterling to finish at 84.49 from 83.13 per pound and dropped against the euro to close at 72.15 as compared to 71.24 earlier. At 9.18 a.m, the Sensex was trading down 129.60 points or 0.42% at 30,529.17 with 25 components falling.

In forward market today, premium for dollar remained weak owing to sustained receivings from exporters.

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