Indian rupee plunges to two-year low, hits 66.52 against US dollar

The Indian rupee plunged to two-year low on Monday and was trading over 32 paise down to trade 66.52 against US dollar at 9.07 am following sustained capital outflows even as the US currency weakened overseas.

India rupee crashed to 66.49 against the US dollar in opening trade, its lowest since September 2013.

A strong dollar demand from importers and banks, and heavy losses in domestic equity markets weighed on the local currency, forex dealers said.

The rupee dropped even as dollar weakened against other major global currencies overseas amid mounting global economic slowdown worries.

The rupee had lost 29 paise to close at two-year low of 65.83 against the US dollar on Friday on high demand for greenback from banks and importers.

Meanwhile, the BSE Sensex was trading over 828.32 points down to 26,537.75 at 9.37 am.

Source: Republica