Press Esc to close
Thursday 23 February 2017
News updated at 1:17 AM IST
Weather
Max: 34.5°C
Min : 19.3°C
In Bengaluru
clear sky

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
Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

A speeding truck overturned at Atul Kataria Chowk in Gurugram on Wednesday. Two passengers...

A speeding truck overturned at Atul Kataria Chowk in Gurugram on Wednesday. Two passengers...

Bollywood actors Varun Dhawan and Aliya Bhatt during the promotion of their upcoming movie ...

Bollywood actors Varun Dhawan and Aliya Bhatt during the promotion of their upcoming movie ...

All India Agricultural University students participated 17th Agri Unifest procession...

All India Agricultural University students participated 17th Agri Unifest procession...

Election officers gather at a distribution centre to receive Electronic Voting Machines for their...

Election officers gather at a distribution centre to receive Electronic Voting Machines for their...

Polling officers receive polling material at a distribution center on the eve of fourth phase pol...

Polling officers receive polling material at a distribution center on the eve of fourth phase pol...

Polling officers collect election material before departing for their respective booths from a dis..

Polling officers collect election material before departing for their respective booths from a dis..

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523