The Indian Rupee hit a 28-month low of 67.20 to the US Dollar on Thursday, Mint reported. The Indian currency had last dropped to this level on September 4, 2013, and has fallen 6.8% this fiscal year.
“Given the global conditions, the rupee is biased to weaken more. I think in the very short term, 67.50 per US dollar could be a level where we would see the next support for the rupee,” the head of foreign exchange trading at HDFC Bank, Ashutosh Raina, said.
The Bombay Stock Exchange Sensex, India’s benchmark equity index, was trading 1% lower at 24,605.62 points, down 248.49 points. The dollar index, which measures the strength of the US currency against other major currencies, was trading 0.05% lower at 98.888. The Sensex has dropped more than 12.4% since April 1 and 6.1%, or 1,550 points, since January 1.