 "Rupee tanks 48 paise to 1 month low of 61.13 vs dollar")
The Indian rupee today plunged 48 paise, logging its biggest fall in more than five weeks, to close at over one-month low of 61.13 against the greenback following fresh dollar demand from importers and negative cues from local equities.
A strong surge in dollar overseas also kept the rupee under pressure combined with expectations of higher trade deficit data, a forex dealer said. After currency markets closed, government data showed that trade gap in August rose to USD 10.83 billion.
Against a gauge of six major global rivals, the dollar index was up by 0.23% ahead of the two-day policy setting meeting of the US Federal Reserve starting tomorrow.
At the Interbank Foreign Exchange (Forex) market, the local unit resumed lower at 60.92 a dollar from last weekend's close or 60.65 and immediately touched a high of 60.90.
Later, rupee met with strong resistance and dipped to a low of 61.18 before settling at 61.13, a steep fall of 48 paise or 0.79%. Previously, it had tumbled by 65 paise on August 6, 2014. The closing level of 61.13 is its weakest since ending at 61.21 on August 13, 2014.
The benchmark S&P BSE Sensex today plunged 244.48 points, or 0.90%, on weak global cues. FPIs/FIIs had picked up shares worth USD 40.83 million last Friday, Sebi data says.
Meanwhile, the inflation measured on Wholesale Price Index (WPI) dipped to 3.74% in August to a nearly five-year low from 5.19% in July and 6.99% in August 2013.
A strong surge in dollar overseas also kept the rupee under pressure combined with expectations of higher trade deficit data, a forex dealer said. After currency markets closed, government data showed that trade gap in August rose to USD 10.83 billion.
Against a gauge of six major global rivals, the dollar index was up by 0.23% ahead of the two-day policy setting meeting of the US Federal Reserve starting tomorrow.
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At the Interbank Foreign Exchange (Forex) market, the local unit resumed lower at 60.92 a dollar from last weekend's close or 60.65 and immediately touched a high of 60.90.
Later, rupee met with strong resistance and dipped to a low of 61.18 before settling at 61.13, a steep fall of 48 paise or 0.79%. Previously, it had tumbled by 65 paise on August 6, 2014. The closing level of 61.13 is its weakest since ending at 61.21 on August 13, 2014.
The benchmark S&P BSE Sensex today plunged 244.48 points, or 0.90%, on weak global cues. FPIs/FIIs had picked up shares worth USD 40.83 million last Friday, Sebi data says.
Meanwhile, the inflation measured on Wholesale Price Index (WPI) dipped to 3.74% in August to a nearly five-year low from 5.19% in July and 6.99% in August 2013.