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Rupee nosedives 24 paise against US dollar

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Dion Global

09 Jan 2017

The Indian rupee tumbled 24 paise against its US counterpart on Monday amid sustained fund outflows by foreign funds and importers due to huge demand for the American currency. The weakness in Indian equity market also weighed on rupee movement.

At the Interbank Foreign Exchange Market, the local currency was trading down by 24 paise to 68.35 per dollar from a previous close of 68.11 per dollar at 2:44 PM.

Meanwhile, the 30-share Sensex was trading at 26,761.27, up 2.01 points or 0.01 per cent, from previous close on BSE at 2:44 PM.

According to analyst report, the rupee is likely to remain under pressure ahead to the upcoming earning season and assembly elections in 5 states.