Rupee resumes downslide; falls past 67 Vs dollar
Zee Media Bureau/Ajeet Kumar
New Delhi: The rupee on Friday plunged by 63 paise to 67.18 against the US dollar in early trade on strong demand for the American currency from banks and importers and persistent capital outflows.
The rupee had ended up 225 paise or 3.27 percent at 66.55 Vs US dollar after hitting an intra-day high of 66.51 in the previous session.
Having tumbled 10.4 percent against the dollar so far this month, the rupee was set to record its largest monthly depreciation ever.
The battered rupee gained the most in at least 15 years yesterday, after the Reserve Bank of India eased pressure in the currency market by starting a facility for state-run oil refiners to buy foreign exchange.
The RBI on Thursday said PSU oil companies could buy dollars through a special swap window effective immediately. Indian Oil, Bharat Petroleum and Hindustan Petroleum are the biggest buyers of dollars, requiring about USD 8.5 billion every month to import an average 7.5 million tonnes of oil.
The rupee is down nearly 19 percent so far this year despite efforts by policymakers to prop it up.
The dollar index was nearly flat at 81.933, after rising as high as 82.067 on Thursday, its highest level since August 5.