Rupee slumps lowest in 20 months

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Mumbai: Exchange value of rupee breached the 64 per dollar mark to hit its lowest in 20 months on Thursday.  It was on September 13, 2013 rupee was traded around these levels . On Wednesday’s exchange value of a dollar was Rs 63.54.

According to Experts opinion, sustained capital outflows in equities and bonds have pressured the rupee, which was the best-performing emerging market currency in 2014.

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Foreign institutional investors have sold a total of around Rs. 13,500 crore in the last 14 sessions (excluding the Sun Pharma-Daiichi deal). They have also been net sellers in the debt market too. FIIs seem to be pulling out money from India over tax notices demanding a Minimum Alternate Tax on capital gains made during previous years. Forex dealers said, increased demand for dollar from importers and banks also reason behind this situation.

As of 1:30 p.m, the rupee traded at 64.15, down 61 paise or nearly 1 per cent. The Sensex was down 134 points to 26,583, while the Nifty traded 47 points lower at 8,050.

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