Indian Currency Plummets to 62.02 vs. the Greenback during Morning Deals

February 26 02:05 2014

rupee2New Delhi, Wednesday, February 26 – Snapping a three-day winning streak, the currency of India on Wednesday dropped by 8 paise to 62.02 in opposition to the American unit during the morning deal on the Interbank Foreign Exchange market as a result of increase of the US dollar out of the country.

In addition to this, Forex traders cited that with the exception of month-end requirement for the US dollar from importers, the greenback augmenting in opposition to additional currencies in a foreign country too kept pressure on the local unit, however an elevated opening in the domestic stock market capped the plunge.

More to the point, in the midst of constructive share markets and indications of constant capital inflows, the domestic currency had increased by 13 paise to finish at one-week peak of 61.97 in opposition to the US currency on Tuesday.

In the intervening time, reaching at 20,893.65 during the morning hours’ deal on Wednesday, the benchmark BSE 30 was higher by 41.18 points, or 0.20 %.