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Rupee closes at 68.02 level, hits 29-month low

Persistent foreign capital outflows also affected the market sentiment, a forex dealer said.

twitter-logoPTI | January 22, 2016 | Updated 09:46 IST
Rupee closes above 68 level, hits 29-month low
Foreign portfolio investors sold shares worth a net Rs 1,324.69 crore on Wednesday, according to provisional data issued by stock exchanges.

Hit by global economic woes, the rupee on Thursday extended its losses by seven paise to close above the 68-mark, a fresh 29-month low against the US dollar, on sustained demand for the American currency from importers and banks amid fall in equities.

Persistent foreign capital outflows also affected the market sentiment, a forex dealer said.

Foreign portfolio investors sold shares worth a net Rs 1,324.69 crore on Wednesday, according to provisional data issued by stock exchanges. The domestic unit resumed higher at 67.88 per dollar as against Thursday's closing level of 67.95 at the Interbank Foreign Exchange (Forex) market.

Later, it fell to 68.11 before ending at 29-month low at 68.02 per dollar, showing a further loss of 7 paise or 0.10 per cent. It had last ended at 68.80 per dollar on 28 August 2013.

The domestic currency has lost 37 paise or 0.55 per cent in two days. The domestic unit hovered in a range of 68.11 and 67.8150 during the day.

The dollar index was down by 0.02 per cent against a basket of six currencies in the late Asian trade. Overseas, the US dollar was higher against the major rivals in early Asian trade, breaking off from one-year low against the yen Thursday as crude oil prices bounced, while the euro awaited a policy decision from the European Central Bank for near-term cues. The benchmark BSE Sensex ended lower by 99.82 points or 0.41 per cent on Thursday.

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