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Journalism of Courage
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.
