Rupee drops 37 paise to new minimum level of 72.12
The continuous decline in Indian rupee continues. The rupee on Thursday went down by 72 paise to 72 against the dollar for the first time with a sharp fall in business turnover. After the afternoon the rupee exchange rate was running at Rs 72.12 per dollar. It shows a drop of 37 paise compared to yesterday's closure.
According to dealers, the investor is worried about the withdrawal of foreign investment from the Indian capital market amid rising bilateral dollar against global currencies. In the foreign exchange market, the rupee was initially trading 9 paise higher at 71.66 per dollar. According to the dealers, initially, the exporters and banks had increased the dollar sales.
Even the softening of the prices of crude oil in the global market seemed to improve. On Wednesday, the rupee declined by 17 paise to close at the new low level of 71.75 dollars a barrel.
