Indian Rupee slumps 21 paise to a new 9-month low Wednesday Nov 23,2016

Extending its losses for the fourth session, the Indian Rupee weakened by 21 paise to trade at a fresh 9-month low of 68.46 against the US dollar in early trade at the Interbank Foreign Exchange market on Wednesday Nov 23,2016 due to sustained capital outflows and strengthening of dollar against other currencies overseas.

Forex dealers said apart from heavy demand for the American currency from importers, persistent outflows by foreign funds and the dollar’s strength against other currencies overseas mainly weighed on the domestic unit.

The Indian Rupee ended lower by 9 paise yesterday at 68.25 — its lowest in nine months — on heightened capital outflows.