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  1. Rupee tumbles 58 paise against US dollar, hits the lowest since November 2017

Rupee tumbles 58 paise against US dollar, hits the lowest since November 2017

The Indian rupee got weaker on Tuesday against the US dollar tumbling as much as 58 paise hitting the lowest level since November 2017 as the extended sell-off by foreign investors in the domestic equity markets weighed.

By: | Updated: February 20, 2018 5:37 PM
The Reserve Bank of India fixed a reference rate of 64.5254 against the US dollar on Tuesday. (Image: Reuters)

The Indian rupee got weaker on Tuesday against the US dollar tumbling as much as 58 paise hitting the lowest level since November 2017 as the extended sell-off by foreign investors in the domestic equity markets weighed. The forex market and settlement houses were closed on Monday on the account of Chhatrapati Shivaji Maharaj Jayanti. The rupee lost a whopping 58 paise to close at 64.79 against the US dollar on Tuesday. During the day, the domestic currency tumbled about 64 paise to hit 64.85 apiece US dollar, its lowest since 23 November 2018. The rupee opened 27 paise down at 64.48 vs the US dollar at the interbank foreign exchange market on Tuesday. The Reserve Bank of India fixed a reference rate of 64.5254 against the US dollar on Tuesday.

Earlier on Friday last week, the rupee turned weaker against the US dollar tumbling as much as 30 paise to close at 64.22 apiece US dollar. The US dollar continued its rebound from three-year lows on Tuesday, having recovered 1.5% since Friday on the view that the US currency was due a correction after a brutal sell-off in recent weeks, Reuters said in a report.

In order to safeguard people’s money, the Union Cabinet approved to introduce banning of unregulated deposit schemes such as Ponzi schemes and growing usage of cryptocurrencies in the Parliament. A comprehensive legislation will be provided to deal with illegitimate deposit schemes in the country, the government said. While presenting the Union Budget 2018, the Finance Minister Arun Jaitley had said that dealing with cryptocurrencies was not legal in India.

Meanwhile today, India’s equities concluded on a negative note after sliding in the last hour with Sensex losing 71 points to end at 33,703 and Nifty shedding 18 points to conclude at 10,360. The domestic saw a vertical decline at around 2:45 pm with the BSE Sensex tumbling 116.77 points to hit the day’s low of 33,657.89 after trading higher up until the afternoon session. The stock of the fraud-hit PNB finally managed to close in green after the five-day bloodbath as India’s second-largest PSU lender was hit by the so-called biggest banking scam in the nation. The S&P BSE Sensex fell 71.07 points or 0.21% to finish at 33,703.59 whereas NSE Nifty ended 18 points or 0.17% lower at 10,360.4 on Tuesday.

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