Rupee continues tailspin, sheds 9 paisa against the dollar
Strength in the dollar overseas and a lower opening in the domestic market kept the rupee pressurized.
The rupee extended its tailspin against the dollar on Tuesday. The Indian unit fell 9 paise to trade at two-year los of 65.40 against dollar at the Interbank Foreign Exchange market as the dollar strengthened overseas.
Forex dealers said, apart from sustained demand for the US currency from importers and dollar's gain against other currencies overseas, lower opening in domestic equity markets put pressure on the rupee.
The rupee had plummeted by 31 paise to end at two-year low of 65.31 against the US dollar on Monday. Forex market was closed yesterday on account of Parsi New Year.
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Meanwhile, the benchmark BSE Sensex dropped by 110.29 points, or 0.39%, to 27,721.25.