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Rupee crashes to new 16-month low of 67

Rupee crashes to new 16-month low of 67.51/$  

Mon May 14 2018


The embattled rupee suffered yet another blow today -- falling by 18 paise to end at a fresh 16-month low of 67.51 against the US currency on heavy dollar purchases and sustained fund outflows from equities.


This is the lowest closing for the rupee since January 31, 2017, when it had ended at 67.87.


The home currency regained some upside traction in early trade amidst ongoing bearish trend.


Earlier in the day, the rupee resumed firm at 67.24 from weekend’s close of 67.33 at the Interbank Foreign Exchange (Forex) market on bouts of dollar selling by exporters and banks.


It later picked up extra pace and touched a fresh intra-day high of 67.21 before taking a quick reversal in mid afternoon deals amid lack of any strong follow-through.


The local unit plummeted sharply to hit a fresh low of 67.63 towards the tail-end trade before concluding at 67.51, revealing a loss of 18 paise, or 0.27 per cent.


Source: Reuters

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