News

Rupee hits over two-year low

by IBNS 27 Nov 2015, 06:38 am

Mumbai, Nov 27 (IBNS) The rupee on Friday hit over two-year low at 66.88 per dollar amid continued selling by foreign institutional investors in domestic stock and debt markets,reports said.

 The rupee slipped over 0.4 per cent or 32 paise at its day low,  a level last seen in September 2013, when India was in the midst of a current account deficit crisis.

The rupee tumbled in line with its Asian peers due to persistent risk-off sentiment on the back of broad dollar strength. The dollar held near an 8-1/2-month peak on Friday, while the euro hovered around seven-month lows on expectations of additional stimulus from the European Central Bank next week.

The Reserve Bank of India likely sold dollars through state-owned banks to stem the rupee's fall around 66.88 per dollar, Reuters said quoting state-run banks.