Rupee plunges to sub-53 mark; closes at 4-month low

Strong dollar overseas and expectations of more capital outflows in the wake of uncertain local equities weighed on the rupee, a dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit touched a high of 52.55 in early trade on firm local stocks and dollar selling by exporters.

However, the rupee soon started losing and immediately fell to below 53-level of 53.03 on weakness in equities amid firm dollar overseas.

Dollar demand from importers also kept the rupee under pressure. It later ended at 52.96/97, a net fall of 0.44 per cent.

The BSE benchmark Sensex, which was trading in positive terrain till fag-end, closed down by about 17 points.

The dollar index, consisting of six major currencies, was up by nearly 0.5 per cent ahead of US private-employment data while New York crude oil was trading below USD 106 a barrel in European market today.

"The rupee weakened to over four months low on rising dollar index and equally negative global equity markets," Alpari Financial Services (India) CEO Pramit Brahmbhatt said. MORE PTI VMP BPD

MR