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Rupee tumbles 92 paise in early trade

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Rupee tumbles 92 paise in early trade
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Mumbai: The rupee Wednesday again breached 68 mark by plunging 92 paise to 68.55 against the US dollar in early trade, mainly on strong demand for the American currency from importers and some banks.

Dealers said heavy capital outflows amid reports that S&P sees more than one-in-three chance of a downgrade of the country's rating and dollar's gain against some overseas currencies on upbeat economic data weighed on the domestic unit.

Besides, concerns over a record high current account deficit and rising crude prices in the global market were other factors behind rupees slide, they said.

However, a higher opening in the domestic equity market after yesterday's steep fall, capped the rupee's decline, they said.

The rupee fell by a whopping 163 paise to close at 67.63 on concern that a build-up of tension over Syria would push oil prices higher and result in a costlier import bill.

Meanwhile, the BSE benchmark Sensex recovered by 161.31 points, or 0.88 per cent, at 18,395.97 in early trade today.

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