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Rupee slide continues, down 16 paise against dollar

Rupee slide continues, down 16 paise against dollar

On Thursday the rupee had plunged 44 paise to close at a near two-week low of 64.02 against the US dollar.

The rupee depreciated by another 16 paise to 64.18 against the dollar in early session at the interbank foreign exchange on Friday due to concerns over widening fiscal deficit.

The Centre on Thursday introduced a long-term capital gains tax of 10 % on stock market gains exceeding ₹ 1 lakh, resulting in volatility in forex market.

Forex dealers said that besides increased demand for the American currency from importers, a lower opening of the doemstic equity market also kept pressure on the rupee.

On Thursday the rupee had plunged 44 paise to close at a near two-week low of 64.02 against the US dollar.

Meanwhile, the benchmark BSE Sensex slumped by 302.66 points, or 0.84 %, at 35,604 in early trade today.

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