The rupee today plunged 62 paise to close at a nearly six-month low of 71 rupees and 40 paise against the US dollar. The domestic Unit weakened amid strengthening of the US currency and weakness in domestic equities. The rupee deal also has taken cues from weak global equity markets and Argentine currency crash.
Forex markets were closed on Monday on account of Bakri Id. The domestic currency has lost 71 paise in the past two sessions. Domestic forex market that was already battling against foreign fund outflows for some time has come under more pressure due to currency crisis in Argentina and global trade war concerns.