Hit
by spike in dollar demand and negative cues from local stocks, the
rupee today plunged 65 paise in its biggest single-day drop in over
six months to end at 61.49 against the greenback. Continued strength
in US economy lifted the American dollar after data on Tuesday showed
US services sector activity hit an 8-1/2 year high last month and
June factory orders surged. This affected the rupee sentiment, say
dealers. Besides, a global sell-off in equities hit Indian stocks
dragging the rupee to over five-month lows, they said. Dollar demand
from importers on fears of rise in global oil prices amid worries
that the Ukraine crisis could escalate, also impacted the rupee, they
added. At the Interbank Foreign Exchange (Forex) market, the domestic
currency commenced weak at 61.06 and immediately touched a high of
61.03. As reports filtered in that Russia is building up troops on
Ukraine border despite sanctions by US and Europe, emerging
currencies and stocks were hit. Importers and some banks bought
dollars buying on hopes of further rise in this safe haven unit while
forex dealers rushed to cover their short dollar positions, leading
to deep losses for the rupee. The rupee continued its down-slide and
touched a low of 61.53, before concluding at 61.49 -- level not seen
since March 5, 2014 when it had settled at 61.75. For the day, it
logged a fall of 65 paise or 1.07 per cent -- the biggest single-day
drop since the 73 paise plunge on January 24, 2014. The benchmark
Sensex slumped 242.74 points, or 0.94 per cent. FIIs had bought
shares worth Rs 52.85 crore yesterday. The dollar index was last
trading up by 0.19 per cent against a basket of six major global
rivals. Pramit Brahmbhatt, CEO, Veracity Group, said: "Rupee
depreciated for the first time in this week and broke all the
immediate supports. Corporate dollar demand was seen in the market
which forced the rupee to fall near 5-month lows. Fall in local
equities also dented the rupee sentiment." The trading range for
the spot rupee is expected to be within 61.00 to 62.00, he added.
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