Rupee nosedives to 68 after 2-day gains, down 30 paise
Updated : May 18, 2018 07:14 PM IST
The forex sentiment wobbled after the crude prices broke the psychological threshold of USD 80 a barrel - spurring a fresh wave of dollar demand from state-run oil marketing companies fearing a further depreciation in rupee value.
The rupee selloffs accelerated last week against the grim backdrop of surging global crude prices and growing concerns over widening twin deficits even as foreign investors reduced their rupee-dominated exposures.
Reversing its recovery momentum, the rupee opened weak at 67.78 from Thursday's close of 67.70 at the Interbank Foreign Exchange (forex) market.
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