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Rupee Falls Sharply Against US Dollar Today, Weakens Past 64

Rupee's fall against the dollar came despite broader weakness in the greenback against other currencies.

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Rupee Falls Sharply Against US Dollar Today, Weakens Past 64

The rupee had closed at 63.49 at the inter-bank foreign exchange on Monday


The rupee fell sharply to 64.11 at day's low against the US dollar on sustained dollar demand from importers and banks amid a widening trade deficit. The rupee had closed at 63.49 at the interbank foreign exchange on Monday. The rupee traded in the range of 63.60 and 64.11 against the US dollar today. The rupee closed at 64.03 against the US dollar, down 54 paise from yesterday's close. The US dollar was mixed against its major rivals, while the euro inched lower taking some breather after having rallied on the back of optimism about the euro zone's economic outlook.

5 Things To Know About Rupee's Fall Today:


Weighing on the rupee, India's December trade deficit widened to its highest in more than three years as higher import bills for gold and crude oil weighed on rising exports, government data showed on Monday.

The trade deficit widened to $14.88 billion last month from $13.83 billion in November, according to data released from the Ministry of Commerce and Industry yesterday.

"A struggling dollar overseas somewhat was cushioning the rupee's larger losses," a dealer said.

The dollar index, which gauges the US currency against a basket of six major rivals, wallowed at more than three-year lows. It was last down 0.5 percent at 90.541, after dropping as low as 90.279 on Monday, its deepest nadir since December 2014.

Domestic equity markets struggled today with both Sensex and Nifty ending lower. Broader markets suffered big losses. Foreign Portfolio Investors (FPIs) bought shares worth net Rs 32.92 crore on Monday while domestic institutional investors sold shares worth Rs 173.28 crore. (With agency inputs)


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