Re plummets 57 paise, biggest drop in two months

The rupee on Friday recorded its biggest slump in two months by plunging 57 paise to end at 55.07 on massive demand of the US currency from oil firms, amid dollar gaining strength on speculation that some US Fed officials are not in favour of continuing the bond-buying plan.

At the Interbank Foreign Exchange (Forex) market, the local currency commenced lower at 54.82 a dollar from previous close of 54.50 and immediately touched a high of 54.76.

However, it started falling soon and logged an intra-day low of 55.17 before closing slightly better at one-month closing low of 55.07 — a fall of 0.57 paise or 1.05 per cent.

Friday’s fall was the biggest in last two months after it had plunged by 80 paise or 1.49 per cent on November 5, 2012.

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