Photo: The Hindu Business Line
Mumbai, India (BBN) - The rupee weakened by 20 paise to 65.36 against the dollar today on fears that the tax rate decision of the GST Council will have a revenue implication of Rs. 20,000 crore annually.
Strengthening of dollar against other currencies overseas and fresh foreign fund outflows also put pressure on rupee, reports The Hindu Business Line.
Dealers also attributed the rupee’s fall to increased demand for the US currency from importers and banks.
On Friday, the rupee had ended down 22 paise to end at a fresh one-month low of 65.16 against the US dollar due to frantic demand for the American unit from importers and corporates.
Foreign investors had pulled out around Rs. 529 crore from equity markets on Friday.
Meanwhile, the benchmark Sensex rose 102.74 points or 0.30 per cent to 33,417.30 in early trade.
BBN/MMI/ANS