Indian rupee drops by 31 paise to 64.62 ahead of GDP data

The Hindu Business Line file photo

Mumbai, India (BBN) – The rupee dropped by 31 paisa to 64.62 against the American currency ahead of the September quarter GDP data.

Currency dealers said apart from increased month-end demand for the US currency from importers and a weak domestic equity market, dollar’s gains against other currencies overseas on upbeat US economic growth data weighed on the rupee, reports The Hindu Business Line.

The domestic unit opened weak at 64.55 at the Interbank Foreign Exchange market today. It hovered in a range of 64.62 and 64.41 before quoting at 64.46, down 15 paisa at 4.53 pm local time.

Yesterday, the rupee had maintained its upbeat trend for the third straight session and ended at a fresh two-month high of 64.31, up 10 paisa against the US dollar, ahead of GDP data.

The Sensex tumbled over 453 points — its biggest single session fall in one year — to close at 33,149.35 on widespread selling triggered by widening fiscal deficit concerns.
BBN/MMI/ANS

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