Forex

Rupee sinks 30 paise versus dollar

PTI Mumbai | Updated on August 23, 2018

The rupee fell 27 paise against the dollar to trade near 70.08 again on strong demand for the US currency after the release of minutes of US Fed policy meet .   -  istock.com/Muralinath

The rupee sank 30 paise to close below the 70-mark against the US currency due to renewed worries about a hike in US interest rates amid global trade war jitters.

The domestic currency ended at 70.11 a dollar, a loss of 30 paise or 0.43 per cent over the previous close. In day trade, the rupee had crumbled to a session-low of 70.17 per dollar.

The rupee suffered its the biggest single-day drop in the past one week, snapping a two session recovery. Forex sentiment wobbled with a resurgent dollar as currency traders increased their expectations for a fourth interest rate hike this year after the Fed released its meeting minutes overnight.

Published on August 23, 2018

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