Rupee Plunges To 65.11; Lowest Levels Since April

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The rupee fell to its lowest level since April 2017,  as investors worried over expansion of the fiscal deficit and weak global cues. The currency was last seen trading at 65.11 to the dollar - a level that the rupee has not seen since April, 2017.

Rupee Plunges To 65.11; Lowest Levels Since April
Sustained selling by Foreign Portfolio Investors in the Indian stock market has also pushed the demand for dollars. The drop of almost 40 paise over Thursday's close also had to do with weakish sentiments for equity after fresh threats of atomic explosions from North Korea.

It was the third straight day of losses for the rupee in as many days. Analysts see the ongoing weakish sentiments in the market to continue on the back of worries over the fiscal deficit.

The government had hinted at fresh stimulus measures to revive the economy, which many believe would lead to fiscal deficit widening over the targetted 3.2 per cent.

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Read more about: rupee, dollar
Story first published: Friday, September 22, 2017, 9:43 [IST]
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