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The rupee slumped to a fresh 16-month low of 68.45 per dollar ahead of the minutes of US Federal Reserve’s last policy meet scheduled to be released later in the day.
According to forex dealers, strengthening of the greenback against most global currencies, as investors awaited hints on the pace of further US monetary tightening, and sustained capital outflows had put pressure on the domestic unit.
Weakness in the domestic stock market and demand for the US currency from importers also weighed on the rupee, they added.
The domestic unit opened weak by 14 paise at 68.18 at the interbank forex market today. It hovered in a range of 68.45 and 68.15 before ending at 68.41, down 37 paise at 5 pm local time.
Yesterday, the rupee had gained 8 paise to close at 68.04 against the US dollar on fresh selling of the American currency by banks and exporters. Meanwhile, the benchmark BSE Sensex slumped 306 points or 0.88 per cent at 34,344.91 at the closing trade.
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