HomeNewsNewsRupee Falls 22 Paise To Close At 75.58 Against US Dollar

Rupee Falls 22 Paise To Close At 75.58 Against US Dollar

The rupee plunged by 22 paise to close at 75.58 (provisional) against the US currency on Monday, as geopolitical tensions pushed investors towards safe-haven assets.

Forex traders said a lacklustre trend in domestic equities and elevated crude oil prices weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.53 against the American dollar, and later witnessed an intra-day high of 75.37 and a low of 75.64 against the greenback.

The local unit finally ended the day at 75.58, down 22 paise from the previous close, registering the fifth consecutive session of loss, during which it has lost 68 paise.

On Friday, the rupee had plunged by 21 paise to a nearly seven-week low of 75.36 against the US currency on forex outflows and a strong dollar after a spike in inflation in the US boosted expectations of an aggressive rate hike by the Federal Reserve.

Meanwhile, the dollar…

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