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Rupee tumbles to 64

Rupee tumbles to 64.10 on increased dollar demand

Thu Aug 10 2017


The rupee tumbled by 26 paise to 64.10 against the US dollar on increased demand for the American currency from importers and banks amid foreign fund outflows.


According to forex dealers, the rupee sentiment was also hit as the dollar recovered from eight-week lows against some currencies overseas and the domestic equities remained weak.


The domestic unit opened weak by 12 paise at 64.96 at the Interbank Foreign Exchange market today. It hovered in a range of 64.10 and 63.80 before quoting at 64.00, down 16 paise at 4.40 pm local time.


The rupee had lost 21 paise versus the dollar to end at 63.84 in the previous session.


The dollar rose against a trade-weighted basket of currencies on Thursday as investors consolidated positions with the low-yielding Swiss franc and Japanese yen supported amid deepending anxiety over tensions between the United States and North Korea.


“The markets are looking for direction after Wednesday's sharp moves and geopolitical concerns will dominate investor mindsets in the coming days,” said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt.


The dollar index was trading 0.2 per cent up at 93.73. It had hit a 15-month low of 92.548 on August 2.


The benchmark BSE index closed down by 266.51 points or 0.84 per cent at 31,531.33, its lowest close in over a month.



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