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Rupee drops lowest since Aug 2013

Indian rupee hit its record low level of 68.855 against the US dollar during the intraday trade on Thursday after extending its loses for a fifth consecutive session. 
●    Sentiment in forex market turned highly weak due to consistent selling by foreign investors against the backdrop of demonetisation and renewed concerns over Fed interest rate hike. 
●    The currency opened nearly 22 paise down at 68.78 against dollar on account of buying of American currency by banks and importers. 
●    At 1.10 pm, the local currency was trading 26 paise down at 68.83. 
●    Since demonetisation, rupee has already plunged over 2.5 per cent till date. 
●    The Reserve Bank of India on Wednesday fixed the reference rate of the rupee at 68.47 against the US dollar and 72.7844 for the euro. 
●    domestic equity market was also trading in red in afternoon trade tracking mixed global cues. The BSE Senex was trading 137.89 points, or 0.53 per cent down at 25,913.92, while NSE Nifty was down 45.55 points, or 0.57 per cent, down at 7987.75. 


 

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