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Rupee does U-turn, nosedives 67 paise against US dollar

Tuesday, November 06, 2018

After two sessions of massive gains, the Indian rupee yesterday again tumbled by 67 paise to close at 73.12 against the US dollar on increased demand for the American currency from importers and unabated foreign fund outflows.

Forex traders said the strengthening of the American currency against major global currencies overseas and weakness in the domestic equity market weighed on the local unit yesterday.  After opening lower at 72.76, the rupee plunged to the day's low of 73.13 and finally settled for the day at 73.12, down 67 paise over its previous closing price.

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