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Rupee Closes At 14-Month Low
The Indian rupee fell sharply today- by 0.8 percent- compared to its previous close. It closed at Rs 66.90 against the US Dollar, the weakest since February 22, 2017.
The rupee is now the most fallen currency in the last five years in Asia. Outflows from local debt and equity along with a stronger dollar status triggered the further decline in the domestic currency's value. Reports also say that there has been an increase in demand for the US Dollar among importers, pushing its value further up.
The rupee shed 52 points against the dollar today. The currency touched its 13 month low last week when it touched the Rs 66 mark.
Meanwhile, BSE's Sensex fell by 115 points to close just above the 34,500 mark and the NSE's Nifty settled 43 points lower at 10,570. So far this month, Sensex has risen close to 5 percent. On Tuesday, it ended at a two-month high.
