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Rupee tumbles 62 paise to hit over two-month low of 72.09

Wed Nov 13 2019

 

 

The rupee nosedived 62 paise to hit an over two-month low of 72.09 to the US dollar on Wednesday as poor macro data and lingering worries over US-China trade war weighed on sentiment.

 

At the interbank foreign exchange, the rupee opened on a weak note at 71.75 against the US dollar. As the day progressed, it crashed below the 72-level and touched the day’s low of 72.10. The Indian unit finally settled at 72.09 -- registering a fall of 62 paise over its previous close.

 

This is the lowest closing level for the rupee since September 4.

 

“Indian rupee fell for the third day in trot and heads for the biggest intra-day fall after September 16 amid contraction in industrial activity. India’s IIP fell 4.3 per cent in September..., and is the lowest since October 2011,” said V K Sharma, Head PCG & Capital Markets Strategy, HDFC securities.

 

Source: Hindu business line.

 

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