Rupee crashes to nearly 2-year low, down 48 paise
Mumbai: Staying on a downward trajectory for the fifth straight session, the rupee lost another 48 paise against the US dollar to 64.67, its weakest level since September 2013, due to appreciation of the dollar overseas after China devalued the yuan for the second straight day.
Forex dealers said increased demand for the greenback from importers after China lowered the yuan value continued to put pressure on the rupee.
Furthermore, a lower opening of the domestic equity market played spoilsport, they said.
The rupee had plunged 32 paise to close at nearly a 2-month low of 64.19 per dollar in yesterday’s trade on persistent demand for the American currency from banks and importers on the back of a higher greenback overseas.
Meanwhile, the benchmark BSE Sensex was down 120.70 points, or 0.43 per cent, at 27,745.39 in early trade today.