Rupee Plunges, Returns To Below 72 Mark Against Dollar: 10 Things To Know

Rupee Plunges, Returns To Below 72 Mark Against Dollar: 10 Things To Know

The rupee is down 13% against the dollar so far this year

The rupee declined sharply against the US dollar on Monday, snapping gains registered in past two consecutive sessions. The rupee fell 67 paise to close at 72.51 against the greenback. The decline came after weekend announcement by the government to contain the rupee fall and lower current account deficit failed to bring cheer to the Street. The government said late on Friday that it would take measures to cut down “non-necessary” imports, ease overseas borrowing norms for the manufacturing sector and relax rules around banks raising masala bonds, or rupee-denominated overseas bonds. Analysts doubt the measures would lead to any meaningful inflows amid an overall negative investment sentiment for emerging markets.

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