Re Plummets 50p to 86.26/$
The decline was primarily driven by strong demand for dollars from importers and ongoing outflows of foreign funds from Indian equity markets
Re Plummets 50p to 86.26/$
Mumbai: Declining for the third straight session, the rupee tumbled 50paise to settle at 86.26 against the US dollar on Tuesday, logging the maximum single-day loss in nearly three months amid a looming global trade war stoking fears of economic meltdown.According to forex traders, some recovery in crude oil prices and continued foreign capital outflows also dented sentiments.
Besides, the global markets have been facing extreme volatility following a fresh threat by the US administration to impose a punitive 50 per cent tariff against China’s retaliatory 34 per cent import levies on American products, they added. At the interbank foreign exchange, the rupee opened at 85.89 and swung between a high of 85.82 and a low of 86.29 against the greenback. The unit ended at 86.26, registering a loss of 50paise from its previous closing level. It had earlier recorded such a steep loss in one session on January 13 this year, when it had depreciated by 66paise.
On Monday, the rupee settled 32paise lower at 85.76 against the US dollar, after losing 14paise in the preceding session on Friday.
