Rupee falls to lowest in a year against US dollar
The rupee fell sharply against the US dollar on Monday morning to breach the 67 mark against the greenback. The rupee fell to as much as 67.13 per dollar, its lowest level since February 2017. The rupee had closed at 66.86 per dollar on Friday. The rupee was dragged down by a broad strengthening of the US dollar and a rise in global crude prices, says forex advisory firm IFA Global. Higher domestic equity markets helped provide some support to the rupee at lower levels. The Sensex was up around 100 points in early trade today. The RBI, which typically purchases and sells dollars through state-run banks covertly to intervene in the local spot market, was not seen so far, though some lenders were seen selling dollars, dealers said. -PTC News
