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Rupee Falls to a Fresh 7-Month Low
The rupee today fell by 14 paise, hitting a fresh 7-month low of 65.78 against a dollar in early trade at the interbank forex market. The new low was caused by fresh demand for the greenback from importers and banks.
Dealers attributed the rupee's persistent fall to increased demand for the US currency from importers and foreign fund outflows.
Yesterday, the rupee had lost 15 paise to end at a near 7-month low of 65.64 against the US dollar amid persistent capital outflows and a fresh ripple of geopolitical tensions. Concerns over oil prices, a global trade war threat, and the widening current account deficit have also weighed on the domestic unit.
The rupee has lost about 1 percent in the last 3 trading sessions. With a breach in the technical level above 65.50 for a prolonged period, it is now Asia's worst performing currency in 2018, just after Philippine Peso.
Meanwhile, the benchmark BSE Sensex advanced by 110.13 points, or 0.32 percent, to 34,505.19 in the opening trade today.
