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Rupee plunges to 67

Rupee plunges to 67.45 as crude oil zooms past $76/barrel

Wed May 09 2018


The rupee plunged 37 paise to 67.45 against the US dollar due to rising dollar demand and foreign capital outflows.


Forex dealers said the dollar strengthened against major global currencies overseas as crude oil prices zoomed past $76 per barrel level and pushed Treasury yields higher after US President Donald Trump pulled out from the international nuclear deal with Iran.


The rupee sentiment was also hit due to dollar demand from importers and as the domestic equities remained weak.


The domestic unit opened weak by 29 paise at 67.37 at the interbank foreign exchange market today. It hovered in a range of 67.45 and 67.30 before quoting at 67.35, down 27 paise at 11.10 am local time.


Yesterday, the rupee gained five paise to 67.08 against the US currency on suspected RBI intervention and stray dollar demand. Meanwhile, the benchmark BSE Sensex was trading higher by 65.64 points or 0.19 per cent at 35,281.96.


Source: Hindu business line.

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