Rupee falls further, plunges 36 paise to 66.74
The currency crash has come amid a resurgent dollar and a surging US yield.
By ETMarkets.com | Updated:
BCCL
NEW DELHI: Extending its losses, the rupee on Wednesday plunged 36 paise to 66.74 against the US dollar in late afternoon trade.
The domestic currency on Wednesday opened 12 paise lower at 66.50 against Monday's close of Rs 66.38. On Tuesday, it logged its first gain in seven days to end 10 paise up at 66.38 against the greenback.
The rupee has been the second-worst performing currency in Asia this year. This is in contrast to 2017 when the currency was among the biggest gainers.
Rising oil prices, surge in commodity prices, trade deficit worries, deteriorating external finances and the banking mess are all adding to the rupee's cup of trouble.
Meanwhile, the domestic equity market was trading in the negative territory at the time of writing this report. The Sensex was trading 57 points lower at 34,559.33 while the broader Nifty50 index was trading at 10,588, down 26 points.
The domestic currency on Wednesday opened 12 paise lower at 66.50 against Monday's close of Rs 66.38. On Tuesday, it logged its first gain in seven days to end 10 paise up at 66.38 against the greenback.
The rupee has been the second-worst performing currency in Asia this year. This is in contrast to 2017 when the currency was among the biggest gainers.
Rising oil prices, surge in commodity prices, trade deficit worries, deteriorating external finances and the banking mess are all adding to the rupee's cup of trouble.
Meanwhile, the domestic equity market was trading in the negative territory at the time of writing this report. The Sensex was trading 57 points lower at 34,559.33 while the broader Nifty50 index was trading at 10,588, down 26 points.
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