Rupee plunges 47p to end at 88.69 against US dollar

#Mumbai

The rupee depreciated 47 paise to close at 88.69 against the American currency on Thursday on a strong US dollar, weak domestic markets, and a hawkish US Federal Reserve. Moreover, month-end dollar demand from Oil Marketing Companies (OMCs) and foreign fund outflows weigh on the rupee.

“We expect the rupee to trade with a slight negative bias on a strong US Dollar, weak domestic markets and a hawkish Fed,” said Anuj Choudhary, Research Analyst, Currency and Commodities, Mirae Asset ShareKhan.

Choudhary further noted that the weakness in crude oil prices may support the rupee at lower levels. “USDINR spot price is expected to trade in a range of 88.45 to 89,” he said. PTI