ZN:Rupee hits over 2-month low; closes at 63.10 Vs dollar
The rupee hits its over 2-month low and settled past 63 against US dollar Monday on good demand for the greenback from banks and importers.
The domestic unit resumed lower at 62.84 per dollar as against the last weekend's level of 62.66 at the Interbank Foreign Exchange market and ended the day at 63.10, down 44 paise.
In New York, the dollar was strong against emerging market currencies such as the Turkish lira and South African rand on last Friday as worries about a Chinese slowdown and prospects of rising US rates triggered a broad flight out of emerging-markets assets.
The Chinese manufacturing sector showed an unexpected contraction in January, heightening fears about the future of emerging-market economies that depend on China for trade or its demand for commodities.
Meanwhile,the benchmark Sensex plunged over 426 points to end at 20,707.45
