Rupee takes more losses, sheds 27 paise against dollar
By PTI | Published: 18th May 2017 10:55 AM |
MUMBAI: Fresh capital flight cast its shadow on the rupee as the local unit lost 27 paise at 64.42 against the US dollar in the beginning, with additional support showing up in the form of demand from importers and banks.
This is the third straight slide, which dealers say is mostly due to incoming demand for the US currency and a lower opening in the domestic stock market.
But the continuing political turmoil surrounding US President Donald Trump's recent executive decisions and uncertainty about his economic agenda put the dollar in a spot of bother overseas, which somewhat limited the rupee's slump.
Yesterday, the rupee had ended lower by 7 paise at 64.15 due to sustained demand for the greenback from importers.
Stocks, in the meantime, got off to a decisively weak start as the benchmark Sensex retreated from record highs by falling 222.21 points, or 0.72 per cent, at 30,436.56 in early session.