Mumbai: The rupee Thursday plummeted to an over three-month low of 63.32 by losing 50 paise against the US dollar on renewed demand for the American currency from banks and importers amid foreign capital outflows in the equity market.
The domestic currency today opened lower at 62.95 as against the last closing level of 62.82 at the Interbank Foreign Exchange and dropped further to 63.34 before concluding at 63.32, marking a loss of 50 paise.
The rupee had last ended at 63.57 per dollar on Jan 6, 2015.
Renewed dollar demand from banks and importers in view of higher dollar overseas also affected the rupee value against the dollar, a forex dealer added.
Oil extended its gains in the Asian trade as renewed fighting in Yemen brought focus back on potential supply disruptions in the Middle East.
The dollar index, a gauge of six major global rivals, was up by 0.03 percent today.
In New York market, the dollar firmed up after a 6.1 percent jump in US home sales data lifted expectations Federal Reserve policymakers may soon hike interest rates.
Meanwhile, the Indian benchmark sensex fell by 155.11 points or 0.56 percent today.
In the forward market, the premium dropped further on sustained receivings by exporters.
The benchmark six-month premium payable in September moved down to 200-201 paise from 206-208 paise yesterday and forward contracts maturing in March 2016 also fell to 415-417 paise from 425-427 paise.
The Reserve Bank of India fixed the reference rate for dollar at 63.1850 and for the Euro at 67.6585.
The rupee dropped further against the pound sterling to 94.98 from last close of 94.68 and also moved down against the euro to 67.99 from 67.67.
It also declined against the Japanese currency to 52.75 per 100 yen from 52.57 previously.
