Rupee plunges to 66.16 vs dollar, down by 18 paise

New Delhi: Hit by month-end dollar demand from importers, the rupee dropped by another 18 paise against the American currency to close at 66.16, extending losses for  the fourth straight day, amid mixed global cues.  Sustained foreign capital outflows also affected the market. Foreign portfolio investors (FPIs) sold shares worth a  net Rs 1,330.12 crore yesterday, as per provisional data  released by the stock exchanges.  The rupee resumed sharply lower at 66.20 per dollar as against overnight level of 65.98 at the Interbank Foreign  Exchange market. 

It hovered in a range of 66.2725 to 66.0350 per dollar  during the day, before ending at 66.16 per dollar, showing a  loss of 18 paise or 0.27 per cent.  The rupee has dropped by 49 paise or 0.75 per cent in  four days. The dollar index was down by 0.40 pct as against a  basket of six currencies.  In global market, the yen rose today in Asia because  market participants sought safety amid global economic  uncertainty and ahead of a speech by US Federal Reserve  Chairwoman Janet Yellen. Concerns continued about a global economic slowdown  and uncertainty over the timing of the US central bank's potential interest rate increases. 

Pramit Brahmbhatt, Veracity Group CEO said," Today  also Rupee depreciated for the fourth consecutive day &  weakened more than quarter percent to trade comfortably over  66 levels, as month end dollar demand from oil importers  forced Rupee to trade low & to end the day it closed at 66.16.