Millennium Post

Rs plummets by 48p to near 4-week low of 62.17 per $

Persistent fall in equity markets and a strong dollar in overseas markets also impacted the rupee sentiment here, dealers said.

The rupee resumed sharply lower at 62.00 as against last close of 61.69 at the Interbank Foreign Exchange market.

It dropped further to 62.21 per dollar before closing at nearly 4-week low at 62.17, a loss of 48 paise or 0.78 per cent. It had last ended at 62.18 on January 14, 2015.

The local currency hovered in a range of 62.2150- 61.9750 per dollar on Monday. It had gained by six paise 0.10 per cent in the previous two days. “Rupee traded weak today taking cues from weak local equities and a strong dollar,” Veracity Group CEO Pramit Brahmbhatt said.

Traders preferred to be cautious ahead of the Delhi election results due Tuesday. The trading range for the Spot USD/INR pair is expected to be within 61.70 to 62.70.

In the New York market, the US dollar was trading strong against the basket currencies in early trade after robust US jobs data helped rekindle views that the Federal Reserve could hike interest rates as early as June.
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