Saturday 19 April 2014
News updated at 2:53 PM IST
Weather
Max: 35.4°C
Min : 22.5°C
In Bangalore
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
Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

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