Rupee drops nearly 30 paise against dollar; nears 64 mark

Rupee continued its downward journey against the dollar and opened nearly 30 paise down as against dollar, at Rs 63.83 to a dollar. 

The rupee has fallen over 3% in the past three months. 

The currency has been depreciating steadily against the dollar since April this year and is currently trading close to 2015's lows. There has been a constant outflow of Foreign Institutional Investor (FII) money since the Minimum Alternate Tax (MAT) issue cropped up after the Revenue Department sent notices demanding capital gains tax. 

IIFL, in its Market Mantra report, said, "Foreign institutional investors (FIIs) have pumped more than $30 billion into the equities of Taiwan, South Korea, Japan, Brazil and Canada since April 1, says a report. Data for China, another country where stocks have been surging, is not available. India saw an outflow of more than Rs 4,000 crore, excluding the FII investment in Sun PharmaBSE -2.29%, during this period, the report added."

source: tradingeconomics.com