Published On : Thu, Nov 24th, 2016

Rupee hits 39-month low at 68.84 a dollar

Exchange of old notesRupee’s unabated free-fall continued for the fifth straight day on Thursday as it hit a nearly 39-month low at 68.84 against the dollar amid foreign fund outflows and the greenback’s surge in overseas markets.

Forex dealers said besides a strong month-end demand for the American currency from importers, continued capital outflows by foreign funds and the dollar’s bull run on an imminent hike in Fed’s interest rates, mainly weighed on the domestic currency.

Further, a lower opening of the domestic equity market also put pressure on the rupee, they said.

The rupee had shed 31 paise to close at a new nine-month low of 68.56 against the dollar in Wednesday’s session.