Rupee nosedives 67 paise against US dollar

After two sessions of massive gains, the Indian rupee yesterday tumbled by 67 paise to close at 73.12 against the US dollar.

On November 2, the rupee clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar.

The domestic currency had gained 150 paise in the previous two sessions. Forex traders said the strengthening of the American currency against major global currencies overseas and weakness in the domestic equity market weighed on the local unit.

After opening lower at 72.76, the rupee plunged to the day’s low of 73.13 and finally settled for the day at 73.12, down 67 paise over its previous closing price.

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