Rupee Slumps 73 Paise Against US Dollar On NDA Election Debacle

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, November 9, 2015, 9:45 [IST]

The rupee fell past the 66 level mark against the US dollar for the first time since Sept 29, 2015, following an embarrassing defeat for the NDA in the Bihar Elections.

The currency was last trading at 66.48 against the US dollar, a drop of 73 paise over Friday's close of 65.75. Check and convert currency rates

There are chances that the rupee may recover later in the day as markets stabilize. In fact, stock markets saw some recovery in trade and the Sensex was down only 400 points, after falling by almost 600 points at the opening.

However, worries that the US Federal Reserve may hike interest rates in the US in the Dec, may continue to put pressure on the rupee in the weeks to come.

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