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Rupee plunges for 2nd straight session, down 40 paise to a dollar
The rupee on Friday weakened by 40 paise to close at 67.83/ 84 per dollar against previous close of 67.43 a dollar. The pound sterling, however, finished lower at Rs 84.68/70 at the Interbank Foreign Exchange market on Friday. The rupee weakened for a second straight day as the greenback lingered around 14-year highs. The dollar rose to a multi-year high on Thursday after the US Federal Reserve
The rupee on Friday weakened by 40 paise to close at 67.83/ 84 per dollar against previous close of 67.43 a dollar. The pound sterling, however, finished lower at Rs 84.68/70 at the Interbank Foreign Exchange market on Friday.
The rupee weakened for a second straight day as the greenback lingered around 14-year highs. The dollar rose to a multi-year high on Thursday after the US Federal Reserve announced a 25 basis points hike in the interest rates of the country, its second such hike in over a decade. Following the meeting, the US Fed chair Janet Yellen indicated three more rate hikes in 2017, more than the two hikes that were signalled in the September policy meeting.
The rate hike took investors out of the equity markets and into the dollar, which weighed on all the emerging market currencies across the world. The rupee took a hit for a second straight session on Friday.
At the time, the 30-share BSE Sensex was trading at 26,501.27, down 17.80 or 0.07% from previous close.
