Forex

Rupee breaches 68-mark to usher in 2017, plunges 30 paise

PTI Mumbai | Updated on January 12, 2018 Published on January 02, 2017

rupee graphics

The rupee started 2017 on a weaker note and plummeted by a whopping 30 paise to 68.22 against the US dollar due to huge demand for the American currency.

The domestic currency resumed on a weak note at 67.95 from last Friday’s closing level of 67.92 in an extremely quiet trade at the Interbank Foreign Exchange Market.

But it witnessed a sudden bout of volatility in mid- afternoon deals and drifted down to hit an intra-day low of 68.25 before ending at 68.22, revealing a steep loss of 30 paise, or 0.44 per cent.

Meanwhile, the rupee finished the year-2016 with a 2.68 per cent annual fall, scripting its sixth consecutive years of decline against the green back.

A large part of the out performance was attributed to heavy capital outflows during the fag-end of the year, although it rebounded after plunging to historic lows.

Published on January 02, 2017
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