Press Esc to close
Friday 26 August 2016
News updated at 2:15 AM IST
Weather
Max: 29.3°C
Min : 20.8°C
In Bengaluru
Sunny day

Re plunges 30 paise to hit two-and-a-half-month low of 55.51

Mumbai, Nov 23,2012 (PTI):

Continuing its decline for the fourth straight session, the rupee today tumbled by 30 paise to touch a fresh two-and-a-half-month low of 55.51 against the US dollar on sustained demand for the American currency from importers and some banks.

Forex dealers said the rupee sentiment was hit by investor concerns over economic reforms as Parliament was adjourned for the second day today.

Even sustained capital inflows and weak dollar overseas could not able to stem the rupee fall, they added.

The domestic unit opened a tad higher at 55.20 at the Interbank Foreign Exchange (Forex) market against the dollar from last close of 55.21 and immediately touched a high of 55.18 on early rise in local equities.

However, it failed to maintain the upward momentum and fell back sharply to a low of 55.61 on continued month-end dollar demand from importers, mainly oil refiners, and some banks.

It finally closed at 55.51, a net loss of 30 paise, or 0.54 per cent, from its last close.

The rupee has plunged by 45 paise, or 0.82 per cent, in the last four sessions.

The last time rupee plunged to this level was on September 6 when it had settled at 55.66.

"Volatility in the euro which fell below 1.29 today from 1.36 in the beginning of the week against the dollar and widening of the domestic trade deficit mainly weighed down on the rupee.

Import bills of oil going up also hit the local unit," Dhanlaxmi Bank Executive Vice-President (Treasury) Srinivasa Raghavan said.

The dollar index was down by 0.12 per cent against a basket of six major rivals, while New York crude oil was quoting above USD 87 a barrel in Europe today.

"The rupee continued to weaken on political ruckus created in Parliament defying the positive sentiments of global markets due rising risk on," Alpari Financial Services (India) CEO Pramit Brahmbhatt said.

Meanwhile, the BSE benchmark Sensex today declined by 10.77 points to 18,506.57. FIIs injected USD 33.13 million yesterday as per Sebi data.


Go to Top

Photo Gallery
Children dressed Radha Krishna on the occasion of Sri Krishna Janmashtami celebrations...

Children dressed Radha Krishna on the occasion of Sri Krishna Janmashtami celebrations...

Renowned artist Partha Das hands over a potrait of Mother Teresa to Sister Lysa...

Renowned artist Partha Das hands over a potrait of Mother Teresa to Sister Lysa...

Sarbananda Sonowal feeding baby elephants rescued during the recent floods at Wildlife...

Sarbananda Sonowal feeding baby elephants rescued during the recent floods at Wildlife...

Members of AISA and JNUSU shout slogans during their protest in connection of JNU rape case...

Members of AISA and JNUSU shout slogans during their protest in connection of JNU rape case...

Devotees form a human pyramid to celebrate the festival of Janmashtami, marking the birth...

Devotees form a human pyramid to celebrate the festival of Janmashtami, marking the birth...

A devotee performs prayers at a Lord Shiva temple submerged in flood water of Ganga River...

A devotee performs prayers at a Lord Shiva temple submerged in flood water of Ganga River...

An aerial view of a flooded area in Allahabad on Thursday...

An aerial view of a flooded area in Allahabad on Thursday...

A view of lighting at Sri Krishna Janamsthan temple during Sri Krishna Janmashtami festiva...

A view of lighting at Sri Krishna Janamsthan temple during Sri Krishna Janmashtami festiva...

Muslim women carrying their children dressed up as Lord Krishna and Radha for a program...

Muslim women carrying their children dressed up as Lord Krishna and Radha for a program...

Bollywood actress Sonakshi Sinha at a press conference to promote her upcoming film in Jaipur...

Bollywood actress Sonakshi Sinha at a press conference to promote her upcoming film in Jaipur...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523