Rupee loses 42 paise to fresh 2-year low against dollar on euro zone fears
Rupee fell more than 0.8% to its weakest level in two years as worries over Europe's debt crisis deepened after S&P's cut Italy's rating.
By PTI | Updated:
MUMBAI: The Indian rupee fell by 42 paise to a fresh two-year low level of Rs 48.23 against the US dollar in early trade today amid weakness of the euro as worries over the European debt crisis deepened following Standard & Poor's downgrade of Italy's sovereign rating.
Dealers said a slide in the euro against the US dollar after ratings agency Standard & Poor's slashed Italy's rating put pressure on the rupee, but a higher opening in the equity market limited the losses.
Yesterday, the rupee had tumbled by 55 paise to close at a fresh two-year low of Rs 47.81/82 against the American currency on strong demand for the greenback as a safe haven investment amid global worries.
Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 117.90 points, or 0.70 per cent, to 16,863.25 in opening trade today.
Dealers said a slide in the euro against the US dollar after ratings agency Standard & Poor's slashed Italy's rating put pressure on the rupee, but a higher opening in the equity market limited the losses.
Yesterday, the rupee had tumbled by 55 paise to close at a fresh two-year low of Rs 47.81/82 against the American currency on strong demand for the greenback as a safe haven investment amid global worries.
Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 117.90 points, or 0.70 per cent, to 16,863.25 in opening trade today.
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