Maharashtra-Haryana Assembly Elections

Rupee plunges 56 paise against dollar in early trade

Mumbai, PTI | Updated : 18 June 2013, 10:05 AM

The rupee on Tuesday plunged by 56 paise, or almost 1 per cent, to trade at 58.43 against the dollar in early trade at the Interbank Foreign Exchange market due to renewed dollar demand from importers and appreciation of the US currency overseas.

Forex dealers said besides dollar's gains against the yen overseas as investors await the outcome of a US Federal Reserve meeting, increased demand from oil importers for the American currency and a weak opening in the domestic stock market also put pressure on the rupee.

The rupee fell by 36 paise to close at 57.87 against the US currency in the previous session on fresh dollar demand from importers and some banks even as RBI kept its policy rates on hold, and stock markets posted gains.

Meanwhile, the BSE benchmark Sensex fell by 79.98 points, or 0.41 per cent, to 19,245.89 in early trade on Tuesday.

First Published: Tuesday, June 18, 2013 10:04 AM
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