Rupee plunges on Budget woes

Business

oi-Sneha

By Sneha B K

Updated: Thursday, February 28, 2013, 20:04 [IST]

The partially convertible India rupee plunged more than 1% breaching psychological level on Thursday after the Indian equities were disappointed after Budget session.

Weak trend seen in the Indian equity market weighed on the rupee sentiment.

The Sensex shed 290 points, while the Nifty lost 103 points in trade today. Investors attribute the sharp losses to a Budget which failed to infuse any fresh measures to push growth.

Rupee opened stronger at 53.63 at the Interbank Foreign Exchange market, the rupee moved about 88 paise from a high of 53.60 to 54.48 per dollar during the day.

Indian rupee was seen trading at Rs 54.36 against dollar, down by 50 paise at 5.20 pm IST.

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