MUMBAI: The rupee tumbled by 63 paise and closed at 47.92/93 against the dollar on Tuesday against 47.30 on Monday. Dealers at the interbank foreign exchange market said oil refiners heavily bought dollars throughout the day for their monthly import payments.
They said dollar’s surge against major world currencies coupled with extremely weak equity market weighed on the rupee sentiment.
The rupee moved widely in the range of 47.40 and 47.93 after resuming lower at 47.43/44. The domestic unit was expected to remain under pressure as month-end demand for dollar might increase, dealers said.
The Reserve Bank of India (RBI) fixed the reference rate for the dollar at Rs. 47.63.
In cross-currency trade, the rupee fell against the pound sterling and the euro and the Japanese yen.
Source : The Hindu