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Rupee crashes 1.6% to 72.46 on state poll results uncertainty, Patel's exit

The domestic unit on Monday tumbled 50 paise to close at 71.32 as nagging worries on global trade war front and uncertain crude prices hurt forex market sentiment.

rupee

Adding to Monday’s losses, the rupee on Tuesday opened 1.6 per cent (Rs 1.14) lower at 72.46 against the US dollar. The domestic unit on Monday tumbled 50 paise to close at 71.32 as nagging worries on global trade war front and uncertain crude prices hurt forex market sentiment. That apart, sentiment also took a major hit after Urjit Patel resigned as the 24th Governor of Reserve Bank of India (RBI), with immediate effect.  Besides, the trading pattern in the forex market was impacted by massive sell-offs in domestic equities as investors panicked over exit polls ...