Rupee Hits over two year Low as 66.90 at week closure

The rupee on Friday hit over two-year low amid continued selling by foreign institutional investors in domestic stock and debt markets. The rupee slipped nearly 0.5 per cent or 34 paise at its day low to 66.90 per dollar, a level last seen in September 2013, when India was in the midst of a current account deficit crisis.

The rupee tumbled in line with its Asian peers due to persistent risk-off sentiment on the back of broad dollar strength. The dollar held near an 8-1/2-month peak on Friday, while the euro hovered around seven-month lows on expectations of additional stimulus from the European Central Bank next week.

The rupee closed at 66.76 per dollar on Friday as against Thursday’s close of 66.56.

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