Rupee Plunges To 6-Month Low

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The rupee fell to a low of 65.36 against the US dollar, its lowest level in the last six months on sustained dollar outfows from Foreign Portfolio Investors (FPIs). 

Rupee Plunges To 6-Month Low
The rupee had last hit this level on March 24, 2017. There has been good demand for the dollar from FPIs, who have sold staggering sums of Rs 20,000 crores in the Indian equity markets in the last two months.

Weakish sentiments across the globe and strong gains in the dollar, against a basket of currencies also led to a decline in the rupee.

Economic fundamentals have also left investors worried as growth slows and the CAD rises. Analysts believe that if the global sentiment takes a turn for the worst, we could see fresh drop in the rupee.

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