Indian rupee plunged on Wednesday, by Rs 1.20 against the dollar, registering its worst single day decline in 12 years at 49.30/32 per dollar on heavy dollar demand on Nov 12. According to currency dealers, rupee came under pressure as FIIs sold heavily in the equity market.
The domestic currency opened weaker at 48.44 and fell further by around 90 paise to close at 49.30/32, as against the previous close of 48.10. As the New York markets were closed on Tuesday, there was hardly any fresh dollar supply. The forward premiums also crashed with the 6-month ending at 2.49 per cent and the 12-month closing at 1.81 per cent.
The domestic currency opened weaker at 48.44 and fell further by around 90 paise to close at 49.30/32, as against the previous close of 48.10. As the New York markets were closed on Tuesday, there was hardly any fresh dollar supply. The forward premiums also crashed with the 6-month ending at 2.49 per cent and the 12-month closing at 1.81 per cent.
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