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The rupee slumped to 64.17 against the US dollar on sustained dollar demand and widening trade deficit.
Trade deficit or difference between imports and exports was $14.88 billion in December, up about 41 per cent year-on-year, as crude oil and gold import bill inflated, according to the Commerce Ministry data.
Dealers attributed the rupee’s fall to dollar’s strength against some other currencies overseas. The domestic unit opened higher at 63.61 at the Interbank Forex market today. It hovered in a range of 64.17 and 63.59 before quoting at 64.04, down 55 paise at 4.30 pm local time.
Yesterday, the rupee had strengthened by 14 paise to close at a fresh one-week high of 63.49 against the US currency on sustained dollar selling by exporters amid a record rally in domestic equities.
The S&P BSE Sensex slipped from intraday high of 34,936 to end lower by over 70 points owing to cautious approach by traders as the country's trade deficit widened to $14.88 billion in December 2017 compared with $10.54 billion in December 2016
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