Mumbai: In a highly volatile trade, the rupee on Wednesday plummeted to a 30-month low of 68.67 against the US dollar but made some fag-end recovery to close at 68.47, still down 9 paise, in line with a late rebound in domestic equities.
The domestic unit resumed lower at 68.50 as against the Tuesday's closing of 68.38 per dollar at the Interbank Foreign Exchange market and dropped further to 68.67 before finishing at 68.47, a loss of 9 paise or 0.13 per cent.
It has lost 40 paise or 0.58 per cent in two days.
The rupee had hit its all-time closing low of 68.80 per dollar on August 28, 2013 after plunging to 68.85 mark on the same day in the intra-day trade.
Meanwhile, the dollar index was up by 0.02 per cent against a basket of six currencies in the late Asian trade. Overseas, the US dollar mostly ruled flat against its major rivals in early Asian trade, but the Japanese yen took some ground against the dollar as a recent rebound in crude oil prices fizzled and revived demand for the safe-haven currency.
Pramit Brahmbhatt of Veracity Financial Services said, "On back of weakness in global currencies, we witnessed the rupee opening weaker. And as expected, sell-off in domestic equities forced the rupee to depreciate further till 68.67 level. But a recovery in equity market helped the rupee to recover from early losses. Thus the rupee closed with a minor loss of 9 paisa at 68.47 level."
Trading range for USD/INR spot pair is expected to be in the range of 68-68.75.
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