Iforex tips - The Rupee slumped to an over two-year low on Friday, tracking weakness in global markets after the European Central Bank`s stimulus package fell short of expectations and renewed fears of a U.S. rate hike.
The Rupee was trading at 66.96/97 to the dollar, its lowest since Sept. 4, 2013. It had closed at 66.6525/66.6625 per dollar on Thursday. Federal Reserve Chair Janet Yellen, speaking before Congress` Joint Economic Committee on Thursday, said the United States may be "close to the point at which we should be raising" rates.
Continuing its losing streak for the second straight session against the American currency, the rupee on Thursday dropped by another 6 paise to 66.65 on sustained demand for US dollars by banks and importers on the back of higher greenback overseas.The rupee today resumed lower at 66.67 as against yesterday's closing level of 66.59 at the Interbank Foreign Exchange market and dropped further to 66.76 per dollar before settling at 66.65, showing a loss of 6 paise or 0.09 percent.
The domestic currency has lost 16 paise or 0.24 percent in two days.It moved in a range of 66.63 and 66.76 per dollar in the morning trade.The dollar index currently trading up by 0.31 per as against a basket of six currencies in the late afternoon trade.
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