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The rupee ended at nearly a one-month low of 60.95 per dollar against the previous close of 60.60 on the back of dollar demand from importers and weakness in the domestic equity market.
Forex dealers said besides weak domestic equity market and increased demand for dollar, strengthening of the greenback against other currencies overseas put pressure on the rupee.
The benchmark Sensex today logged its worst single-day fall in over a month as it slipped about 208 points to end at 27,057.41. On similar lines, the National Stock Exchange index Nifty fell below the crucial 8,100 mark and closed 58.85 points, or 0.72 per cent, down at 8,094.10 today
Abhishek Goenka, Founder and CEO OF India Forex Advisors said, “The Indian Rupee tumbled to its three week low levels against the US Dollar as the surge in the US treasury yields pierced the fear into the markets. The risk aversion in the market became the major culprit for the depreciation in the emerging market currencies.”
In intra-day trade, the domestic unit touched a high of 60.75 and a low of 61.05.
The interbank call money rate, the rate at which banks borrow short term funds from one another, ended higher at 7.30 per cent against the previous close of 7.05 per cent.
The 8.40 per cent government security maturing in 2024, fell to ₹ 99.04 against the previous close of ₹99.18, while its yield hardened to 8.54 per cent against the previous close of 8.52 per cent.
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