Rupee near two-month low; plunges 34 paise

Tags: News
The rupee today fell by 34 paise to trade at a fresh six-week low of 60.50 against the US dollar in early trade due to sustained demand for the American currency from oil importers amidst rising crude prices that may further push inflation.

The price rise of essential food items like vegetables, fruits and cereals, pushed up inflation to five-month high of 6.01% in May.

Dealers said besides dollar's gains against other currencies overseas, continued demand for the US currency from oil importers, to meet their requirements after global crude prices soared to nine-month highs on tension in Iraq, mainly weighed on the domestic currency.

A lower opening in the domestic equity markets also put pressure on the rupee, they said.

The rupee had slipped below 60-mark and closed sharply down by 39 paise at a six-week low of 60.16 against the dollar in yesterday's trade.

Meanwhile, the benchmark BSE Sensex fell by 51.25 points, or 0.20%, to 25,139.23 in early trade today.

EDITORIAL OF THE DAY

  • J Jayalalithaa’s death invites questions on the future course of Tamil Nadu politics

    The death of Tamil Nadu chief minister J Jayalalilthaa, an all-powerful regional leader who has left behind no successor who can even remotely match h

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

<b>Cut & Thrust:</b> At the cost of human life

Can we put a cost to human life? The incident ...

Urs Schoettli

japan’s trump card

Like most, the Japanese, too, were surprised by the election ...

Rajgopal Nidamboor

Soul consciousness and reason

The soul, in the philosophical writings of ancient Greece, has ...