Rupee tumbles 38 paise to 1-week low of 67.14

Extending losses against the US dollar for the third day, the rupee today plunged by 38 paise to hit one-week low of 67.14 on persistent demand for the American currency from banks and importers in view of sharp fall in domestic equities.
The rupee opened lower at 67.07 against last Friday's closing level of Rs 66.76 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 67.19 before ending at one-week low of 67.14, showing a loss of 38 paise or 0.57 per cent.
The rupee has dropped 49 paise or 0.74 per cent in the last three days.

The rupee had last ended at 67.25 per dollar on June 3, 2016.
The rupee hovered in a range of 66.94 and 67.19 per dollar during the day.
Meanwhile, the dollar index was down by 0.16 per cent against the basket of six global currencies in the late trade.

The RBI fixed the reference rate for the dollar at 67.0737 and euro at 75.5116.
In cross-currency trades, the rupee firmed up further against the pound sterling to close at 95.24 from the last weekend's level of 96.24 while moved down against the euro to 75.67 from 75.46 per euro previously.

The domestic currency also fell against the yen to 63.33 from 62.47.
The yen soared to a fresh one-month high against the
dollar and a three-year high against the euro during the Asian trade today as nervous investors sought refuge in traditional safety of the Japanese currency on lingering fears about the UK referendum on European Union membership next week.
Oil prices slipped again today, extending last week's losses and mirroring a sell-off across Asian markets fuelled by worries about the global economy, Britain's future in the EU and producers bringing more rigs back online.
In forward market, premium for dollar eased further on sustained receivings from exporters.

The benchmark 6-month premium for November moved down to 194-196 paise from the previous weekend's level of 195.25- 196.25 paise while far-forward May 2017 contract also moved down to 384-386 paise from 385-385.75 paise.
Meanwhile, the benchmark Sensex dropped further by 238.98 points or 0.90 per cent to 26,396.77.