Rupee tumbles 26p to 18-mth low

The rupee dropped by 26 paise to an 18-month low of 75.78 against the US dollar on Friday amid consistent foreign fund outflows and growing concerns about inflation. At the interbank foreign exchange market, the local unit opened lower at 75.65 a dollar and later tanked to the day’s low of 75.85 in line with a lacklustre trend in equity markets.

The domestic currency pared some of the losses in the closing session to end at 75.78, a level it last closed at on June 11, 2020. The rupee also declined for the third straight week with a weekly loss of 61 paise, or 0.8%, from December 3’s close of 75.17 against the greenback.

On the equity front, benchmark indices sensex and Nifty closed almost flat amid late recovery in select energy, banking and IT stocks. The sensex slipped by 20 points to end at 58,787 while the Nifty inched 5.6 points lower to 17,511.30.

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