BUSINESS

Rupee tumbles against $

MUMBAI: The rupee on Monday lost 14 paise and tumbled to a ten-day closing low of 43.6650/6750 a dollar, pulled down by hectic dollar demand on the back of a robust dollar overseas, mainly against the Euro.

The U.S. currency hit a new nine month peak against the single European unit after the U.S. trade deficit, which stood at $56.8 billion as against market expectation of $58 billion, boosted the dollar.

Near-nervousness gripped the interbank foreign exchange market from the onset of business following a distinctly weak rupee at 43.60/62 which gradually slipped to 43.67/68, before settling at 43.6650/6750, dealers said.

The rupee had last ended at lower levels of 43.69/70 on June 2.

The swift overseas dollar rally late last week impacted the rupee, exerting severe pressure on it, as the anticipated dollar supplies from a software companies' overseas offering had yet to materialise.

— PTI

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