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Rupee trades at 68.84 against dollar; plunders to 39-month low

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 24 Nov 2016 9:19 AM GMT

Rupee trades at 68.84 against dollar; plunders to 39-month low
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Rupee trades at 68.84 against dollar; plunders to 39-month low
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Mumbai: The rupee slumped to its record low in nearly 39-months of 68.84 by falling 30 paise against the US dollar on Thursday, on the back of the sustained foreign outflows and the greenback's surge in overseas markets.

The Indian rupee continued to fall for the fifth consecutive day on Thursday. It has fallen 2.92% since November 9 when the people of the US elected Donald Trump as the successor of President Barack Obama.

Earlier on Wednesday, the Indian currency hit a nine-month low when it touched 68.56 against the dollar.

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According to the market analysts, among the several reasons behind the fall are the huge demand for the dollar from importers, the chance of a federal rate hike and a disappointing opening by the domestic equity market.

The funds outflow has increased as the investors fear the short-term impact of demonetisation by the Centre.

The experts expect the Indian currency to be trading at 68 or 70 till the end of the year.

The Bombay Stock Exchange Sensex also fell by 145.97 points to 25,905.84 while Nifty50 opened 42.40 points down at 7990 during the early trading hours on Thursday.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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