Millennium Post

Rs tumbles 31p to 60.60 a $ in worst loss in a month

Tumbling from six-week highs, rupee on Tuesday saw its biggest daily loss in over a month as it slumped 31 paise to end at 60.60 against dollar on concern US interest rates may rise sooner than investors had anticipated.

Weakness in local equities and fresh dollar demand from importers also weighed on the rupee, said forex brokers.

The dollar rose to over five-year high against Japanese yen and about a 14-month high versus Euro. This marks a comeback after the Greenback dropped Friday following a weak jobs report that had dampened speculation of rise in US rates. At the Forex market on Tuesday, the rupee commenced weak at 60.45 a dollar from previous close of 60.29. This was in line with slip in local shares.

At the closing level, the rupee is just short of its one-week low of 60.68 hit on 2 September.
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