Rupee plunges 30 paise to hit two-and-a-half-month low of 55.51
"The rupee continued to weaken on political ruckus created in Parliament defying the positive sentiments of global markets due rising risk on," Alpari Financial Services (India) CEO Pramit Brahmbhatt said.
Meanwhile, the BSE benchmark Sensex today declined by 10.77 points to 18,506.57. FIIs injected USD 33.13 million yesterday as per Sebi data.
"The rupee ended to its two and a half month low as there were hopes of sustained dollar demand from oil refiners. The weakness in rupee was not supported by the dollar which was trading below 81 and the euro surpassed the level of 1.2900. Still, rupee did not see any signs of appreciation," Abhishek Goenka, Founder and CEO, India Forex Advisors said.
"The rupee was seen falling heavily despite continued weakness in the US dollar and recovery in the Euro. This indicates that there was a genuine demand for the dollar in the market. Going forward, if some positive reforms come out of the ongoing winter session of the parliament, then we might see rupee appreciating in the near term," he added.
The premium for the forward dollar ended steady to easy on stray receipts by exporters.
The benchmark six-month forward dollar premium payable in April settled at its overnight closing level of 141-142 paise.
However, Far-forward contracts maturing in October ended down at 280-1/2-282-1/2 paise from 283-285 paise.
The RBI has fixed the reference rate for the
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