Indian rupee down of 66.49 against United States Dollar, lowest in two years

Indian rupee down against United States Dollar, lowest in two years:


The rupee opened at fresh two-year lows on Monday morning, trading at 66.42 a dollar or 0.90% weak on the Interbank Foreign Exchange, a level it hasn't seen since September 2013.

A strong dollar demand from importers and banks, and heavy losses in domestic equity markets weighed on the local currency, forex dealers said.

The rupee has been under pressure since China devalued its currency by nearly 5% in three tranches in an attempt to make its exports more competitive in the global market. Since then, the rupee has been tied down by excess demand for the greenback from exporters and sustained capital outflows from foreign funds.

The Sensex opened over 600 points down in early trade, and  was later trading down 841 points. All Nifty stocks in the red, tracking a major sell-off in the global markets. The fall has been triggered by a massive sell-off in the global markets on Monday.


The rupee had lost 29 paise to close at two-year low of 65.83 against the US dollar on Friday on high demand for greenback from banks and importers.

Meanwhile, the benchmark BSE Sensex tanked 1,006.54 points, or 3.67%, to 26,359.53 in opening trade.

Thanks