Rupee slumps 16 paise against dollar


The rupee depreciated by 16 paise to trade at fresh three-week low of 67.21 against the dollar at the forex market today following increased demand for the American currency from importers and banks.

The dollar firmed up against some global currencies on US interest rate hike hopes this year after the Federal Reserve Vice Chairman Stanley Fischer said country’s economy was picking up, which weighed on the rupee, forex dealers said.

However, a higher opening of the domestic equity markets capped the rupee’s losses, they added.

The local currency on Friday tumbled by 24 paise to close at three-week low of 67.05 against dollar on sustained demand for the US currency from banks and importers amid rise in crude oil prices.

Meanwhile, the benchmark BSE Sensex recovered 57.53 points or 0.20 per cent to 28,134.53 in early trade.

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