Millennium Post

Rs slides by 16p to 63.57 per $ on weak stocks

Tracking a steep fall in local share market, the Indian rupee on Tuesday  washed out initial gains and ended with a loss of 16 paise at over-one week low of 63.57 against the Greenback.

Besides, the euro sank against the dollar to the lowest level in nearly nine years as investors worried about a possible Greek exit from the eurozone and sliding oil prices. Traders said this also weakened the rupee sentiment amid sustained dollar demand from importers, including oil firms. At the Forex market, the domestic unit commenced better at 63.37 a dollar from previous close of 63.41. It then improved further to a high of 63.30.

Later, the rupee met with strong resistance following crash in local stocks and hit a low of 63.62 before concluding at 63.57, a net fall of 16 paise or 0.25 per cent.
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