Rupee hits three month low

New Delhi [India], Feb 28 : The Indian rupee on Wednesday slipped to a three month low in the early trade at the forex market. It opened lower by 25 paise at Rs. 65.12 per dollar versus Rs. 64.87 on Tuesday. Forex dealers said sustained month-end demand for the American currency from importers, foreign fund outflows and the dollar's gains against other global currencies weighed on the rupee, according to money control. Market indices recovered in afternoon trade, after a morning slump. In the afternoon trade, the Sensex was down 151 points, trading at 34,194. Nifty, on the other hand, was trading at 10,503, down by 50 points. Infosys, UPL, GAIL, Cipla were up about one percent. HPCL, ICICI Bank, Yes Bank, Adani Ports, and Vedanta were down about two to three percent. The market extended losses in opening trade, tracking weakness in global peers, and due to selling pressure in banking and financials. Sensex was down 265 points at 34,080 and Nifty slipped 86 points to 10,467. Moreover, shares of Punjab National Bank (PNB) slumped over six percent intraday and fell to a 20-month low on the bourses after Nirav Modi's Firestar Diamond filed a bankruptcy plea in the United States, and a local court in Mumbai issued summons to the accused diamantaire.
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