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Rupee plunges to over 6-mth low of 71.43; skids 29 paise

Mon Aug 19 2019

 

The Indian rupee tumbled 29 paise to close at an over six-month low of 71.43 against the US dollar on Monday amid growing worries over economic slump and sustained foreign fund outflows. Further, rising crude oil prices and strengthening of the US dollar vis-a-vis other currencies overseas also took toll on the Indian currency.

 

Forex traders said investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon.

 

At the interbank foreign exchange market, the rupee opened on a weak note and fell to a day’s low of 71.48 against the US dollar. The domestic currency finally settled at 71.43 against the US dollar, slipping 29 paise over the previous close.

 

This is the lowest level for the local unit since February 7, when it had closed at 71.45 a dollar.

 

On Friday, the rupee had settled at 71.14 against the US dollar.

 

Source: Hindu business line.

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