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Rupee cracks below 66-level; weakens by 25 paise to 66

Rupee cracks below 66-level; weakens by 25 paise to 66.05

Fri Apr 20 2018

 

The rupee weakened by 25 paise to hit a 13-month low of 66.05 against the US dollar in early trade due to strengthening of dollar against other currencies overseas. Increased demand for the dollar from importers also put pressure on the domestic unit.

 

Meanwhile, the minutes of the last meeting of the Monetary Policy Committee (MPC) indicated that the Reserve Bank of India may shift to a hawkish monetary stance in June.

 

Dealers attributed the rupee’s fall to dollar gains against other currencies overseas, persistent foreign fund outflows and a weak domestic equity market.

 

Yesterday, the rupee had lost 14 paise to close at a fresh 13-month low of Rs 65.80 due to growing concerns over fiscal deficit and rising crude oil prices. Meanwhile, the BSE benchmark Sensex shed 48.54 points or 0.14 per cent to 34,378.75 in early trade.

 

Source: https://www.thehindubusinessline.com/

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