₹crumbles by 26p to over one-month low against $

Mumbai: The rupee on Monday extended its fall for the second straight session and saw a big 26 paise plunge in value at an over one-month low of 65.42 a dollar amid sustained demand for the US currency.

Re-emergence of Fed rate hike worries along side aggressive hedging strategy adopted by importers in the wake of implied currency volatility and ahead of CPI and WPI inflation data release predominantly kept forex market undertone shaky. Growing concerns over likely fiscal slippage following a sudden spike in global crude prices and possible tax shortfall due to biggest GST rejig last weekend also added nervousness to jittery trade. At the Interbank Foreign Exchange, the rupee opened sharply lower at 65.38 against weekend close of 65.16 due to heavy demand for the American unit from importers and corporates.