2 min readMumbaiApr 20, 2015 06:35 PM IST
First published on: Apr 20, 2015 at 06:29 PM IST
Dollar shortcoverings by exporters on the back of firm American unit overseas amid heavy capital outflows also kept the rupee under pressure, a forex dealer said.
Logging its biggest fall of the year, the rupee on Monday plunged by 55 paise to close at over one-month low of 62.91 against the greenback amid sustained demand for dollars from importers.
Meanwhile, the benchmark BSE Sensex stumbled by 555.89 points or 1.95 pct to end at three-week low of 27,886.21.
Dollar shortcoverings by exporters on the back of firm American unit overseas amid heavy capital outflows also kept the rupee under pressure, a forex dealer said.
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At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced weak at 62.54 a dollar from last close of 62.36, but initially tried to recover to a high of 62.47.
Later, it met with strong resistance and tumbled to a low of 62.93 before settling at 62.91, showing sharp loss of 55 paise — biggest fall at 0.88 per cent in absolute term in 2015. It had concluded at 62.97 on March 13.
The dollar index, a gauge of six other major rivals, was up by 0.40 per cent following China’s latest stimulus injection to spur growth.
Dollar shortcoverings by exporters on the back of firm American unit overseas amid heavy capital outflows also kept the rupee under pressure, a forex dealer said.
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