Rs too falls 35p to 60.95 against $
12 Sept 2014 4:44 AM IST
In line with weak stocks, the rupee on Wednesday fell below the 61 mark against the and ended at a four-week low of 60.95, down 35 paise, on growing concern that US hiking interest rates sooner-than-expected will hit inflows. Continued dollar demand from importers and some banks too weighed on the rupee value that intra-day hit a low of 61.04, said forex brokers.
Fears rose that US Federal Reserve might raise interest rates earlier than expected on improving economic data, compelling foreign investors to cut back on exposure to emerging markets, including India, they added. At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed bearish at 60.80 a dollar from previous close of 60.60. It attempted to reverse the track and soon touched a high of 60.75.
Fears rose that US Federal Reserve might raise interest rates earlier than expected on improving economic data, compelling foreign investors to cut back on exposure to emerging markets, including India, they added. At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed bearish at 60.80 a dollar from previous close of 60.60. It attempted to reverse the track and soon touched a high of 60.75.
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