Rupee logs biggest drop in 2 months, down 33 p against dollar

Mumbai, May 27 (PTI) Extending losses for the third day, the rupee today fell 33 paise -- its biggest drop in over two months -- to end at 59.04 against the dollar as overseas investors pulled out funds from stocks and on month-end importer demand for the US currency.

After losing 24 paise in two days, the rupee commenced weak at 58.80 a dollar at the Interbank Foreign Exchange market from its previous close of 58.71.

It immediately touched a high of 58.79 but later declined to a low of 59.11 before concluding at 59.04, logging its lowest closing since May 15 when it had settled at 59.29. Today's fall of 33 paise, or 0.56 per cent, is the biggest since 39-paise depreciation on March 20 this year. "Domestic currency was markedly paring its gains against the American Unit on the back of genuine dollar demand by corporates to pay import bills. Expectations that the central bank would not allow the rupee to appreciate further also led to increased demand for the greenback," said Abhishek Goenka, Founder

Read more about: dollar
Story first published: Tuesday, May 27, 2014, 17:40 [IST]
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