Millennium Post

Rs slips by 34 paise to 62.67 per $

Tracking steep losses in local stocks, the Indian rupee on Thursday slipped 34 paise — its
worst drop in two weeks — to close at 62.67 against the US dollar amid month-end demand for the
American currency.

Crude prices jumped on reports that Saudi Arabian air strikes in Yemen raised concerns of supply disruptions, leading to higher dollar demand from importers, including oil firms.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May climbed $1.93, or 3.9 per cent, to $51.12 a barrel in the Globex electronic session.

The yen strengthened against its major rivals, hitting a one-month high against the dollar in Asian trade Thursday, with investors buying the Japanese currency after overnight US and Eurozone stock market weakness spread into Asia.

The Indian rupee resumed lower at 62.55 per dollar as against the last closing level of 62.33 per dollar at the Interbank Foreign Exchange (Forex) market today.

It dropped further to 62.78 before concluding at 62.67, showing a loss of 34 paise or 0.55 per cent from last close.
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