Rupee Weakens to 64.42 on Capital Outflows Dollar Demand
MUMBAI, MAY 18: The rupee declined by 27 paise to 64.42 against the US dollar on fresh capital outflows and dollar demand from banks and importers.
This is the third straight slide, which dealers say is mostly due to incoming demand for the US currency and a weak domestic stock market.
But the continuing political turmoil surrounding US President Donald Trump’s recent executive decisions and uncertainty about his economic agenda put the dollar in a spot of bother overseas, which somewhat limited the rupee’s slump.
Yesterday, the rupee had ended lower by 7 paise at 64.15 due to sustained demand for the greenback from importers.
Stocks, in the meantime, got off to a decisively weak start as the benchmark Sensex retreated from record highs by falling 222.21 points or 0.72 per cent to 30,436.56.