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Indian rupee breaches 66/dlr; shares tank over 3 pct
August 27, 2013 / 8:34 AM / 4 years ago

Indian rupee breaches 66/dlr; shares tank over 3 pct

MUMBAI, Aug 27 (Reuters) - The Indian rupee plunged to a record low below the key psychological 66 per dollar mark on Tuesday, as a sharp sell-off in shares prompted greenback demand from foreign funds looking to exit the market while month-end demand from importers also hurt.

The partially convertible rupee was trading at 65.98/66.00 per dollar at 1:52 p.m. (0822 GMT), after hitting a record low of 66.0750 and down more than 2.6 percent from its close of 64.30/31 on Monday.

Domestic shares were trading down 3 percent after the lower house of parliament’s approval on Monday to a plan worth nearly $20 billion for providing cheap grain to the poor which is feared to dent the country’s fiscal deficit. (Reporting by Swati Bhat; Editing by Anand Basu)

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