Rupee Plunges Nearly 80 Paise To 82.59 As Dollar Gains Sharply

Rupee Plunges Nearly 80 Paise: The rupee plunged on Tuesday, falling nearly 80 paise to 82.59 against the dollar. The sharp decline came after data showed that US services activity unexpectedly rose, suggesting that the Federal Reserve might stick with aggressive interest rate hikes for longer.

The rupee had opened at 81.9150 per dollar but quickly fell to 82.5863, compared to its previous close of 81.7975 on Monday. This is one of the sharpest declines for the currency in recent months. Experts say that the decline is likely to continue in the short-term as investors remain cautious about the outlook for interest rates and the economy.

The domestic currency traded in the 81.8925 to 82.6225 range against the dollar.