Rupee slumps to 66.63 on increased dollar demand

  • 04-May-2016
  • Rupee slumps to 66.63 on increased dollar demand

The rupee weakened 21 paise to 66.63 against the US dollar in early trade at the Interbank Foreign Exchange market today on increased demand for the American currency from importers and banks.

A firm dollar against other currencies overseas, as global growth worries swept equity markets and pushed down oil prices, boosting demand for the American currency, and a weak domestic equity market weighed on the rupee, dealers said.

Yesterday, the rupee had closed marginally up by 2 paise to 66.42 on selling of the US dollars by banks and exporters amid fall in equity market.

Meanwhile, the benchmark BSE Sensex fell 103.74 points, or 0.41 per cent, to 25,125.96 in early trade.

Source: - Thehindubusinessline.com

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