Rupee plunges 30 paise to 87.25 against US dollar during early trade

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Rupee plunges 30 paise to 87.25 against US dollar during early trade - Business Standard

Quick Summary:

The rupee saw a steep plunge of 30 paise to 87.25 against the US dollar in early trade on Monday as the American currency started recovering from six-month low level while trade-related uncertainties weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened weak at 87.24 amid intense volatility and touched the low of 87.34 before trading at 87.25 against the greenback in early deals, down 30 paise from its previous closing level.

A subdued domestic equity market and uninterrupted outflow of foreign funds also put pressure on the local unit, though it found some support due to easing crude oil prices, forex traders said.