Rupee slumps 35ps to 93.88/$
Mumbai: The rupee dropped 35paise to 93.88 against the US dollar as a strengthening greenback against major crosses and elevated global crude prices spooked investors.
Foreign fund outflows amid uncertainties over the West Asia crisis further weighed on the local unit, forex traders said. At the interbank foreign exchange, the local unit opened at 93.66 against the greenback and remained volatile throughout the session.
It eventually settled at 93.88, down 35paise from its previous close. The rupee breached the 94-level against the US dollar for the first time on Monday, before closing flat at 93.53. "Persistent FPI outflows continue to pressure INR.
A strong US dollar is keeping emerging market currencies weak, and the INR has weakened by about 4.5 per cent during the month. The rupee range for Wednesday is expected to be 93.65 to 94.25," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
