Mumbai, May 23
The rupee declined 25 paise to hit a fresh 16-month low of 68.29 per dollar in early trade today ahead of the minutes of US Federal Reserve’s last policy meet scheduled to be released later in the day.
The greenback strengthened against most global currencies as investors await hints on the pace of further US monetary tightening amid sustained capital outflows, forex dealers said.
Weakness in the domestic stock market and demand for the US currency from importers also weighed on the rupee, they added.
Yesterday, the rupee had gained 8 paise to close at 68.04 against the US dollar on fresh selling of the American currency by banks and exporters.
Meanwhile, the benchmark BSE Sensex fell by 30.57 points, 0.08 per cent, too in early trade today.
Miss the good old simpler times. pic.twitter.com/HyDeyhjn6d
— Aravinda Tegginamath (@ArvndTegginmath) May 22, 2018
Flashback:
UPA Government and the Rupee seem to be in a competition with each other on who will tumble down more. http://t.co/Rl8RMMJ9kZ
— Narendra Modi (@narendramodi) July 24, 2013
Rupee at 60. It is mayhem. Close to an economic crisis. But well, the government is silent.
— Chetan Bhagat (@chetan_bhagat) June 20, 2013
It is refreshing to know that the rupee will get stronger at Rs.40/- per dollar if Modi comes to power http://t.co/OacZDXesGy
— Sri Sri Ravi Shankar (@SriSri) March 20, 2014
(With PTI inputs)