Rupee tumbles to 1-week low of 54.62

Rupee tumbles to 1-week low of 54.62

Notwithstanding a partial recovery on lower-than-expected headline inflation, the rupee on Monday closed down by 10 paise at one-week low of 54.62 on sustained dollar demand from importers and capital outflows.

Forex dealers said the US currency gaining strength against rivals overseas also weighed down on the rupee sentiment. However, recovery in local equities cushioned the fall to some extent, they added.

The local currency commenced the day on a bearish note at 54.65 against the dollar from Friday’s close of 54.52 at the Interbank Foreign Exchange (Forex) market.

Later, it fell to a low of 54.79 before gaining some ground to 54.58 and finally closing at 54.62, down 10 paise, or 0.18 per cent, from its previous close. This is the lowest level hit by the local currency since April 5, when it had fallen to 54.81 against the dollar.
FIIs continued to remain bearish on domestic stocks and pulled out around $77 million (Rs 418.37 crore) from markets, according to BSE provisional data.

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