<div>The Indian rupee crashed by 65 paise -biggest fall since January 24, 2014- to close at five-month low of 61.49 against the Greenback on weak local equities and dollar demand from importers on fears of rise in global oil prices after escalating Ukraine crisis.<br /><br />Firm dollar in overseas market and slow down in foreign funds in stocks too lay down pressure on the rupee.<br /><br />Russia builded up their troops on Ukraine border despite despite tightening sanctions by US and Europe, showing no signs of backing down over ongoing crisis.<br /><br />As a result, importers and some banks went on dollar buying on hopes of further rise in this safe haven unit, leading to sharp fall in rupee value. Forex dealers also rushed to cover their short dollar positions.<br /><br />At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced weak at 61.06 and immediately touched a high of 61.03.<br /><br />Later, it continued its downslide and touched a low of 61.53 before concluding at 61.49 -level not seen since March 5, 2014 when it had settled at 61.75- revealing a steep fall of 65 paise or 1.07 pct. Previously, it had plunged by 73 paise on January 24, 2014.<br /><br />The benchmark S&P BSE Sensex slumped by 242.74 points or 0.94 pct while FIIs bought Rs 52.85 crore shares yesterday, as per provisional data.<br /><br />The dollar index was up by 0.19 per cent against a basket of six major global rivals.<br /><br />Pramit Brahmbhatt, CEO, Veracity Group said,"Today Rupee depreciated for the first time in this week and broke all the immediate supports and lost over one per cent as corporate dollar demand was seen in the market which forced Rupee to fall near 5 month low. Local equities also ended on a negative note which further dented the movement of Rupee. The trading range for the Spot rupee is expected to be within 61.00 to 62.00."<br /><br />In the forward market, premium fell back on renewed receipts by exporters.<br /><br />The benchmark six-month premium payable in January closed lower at 246.5-248.5 paise from last close of 248-250 paise.<br /><br />Far-forward contracts maturing in July, 2015 also moved down to 491-493 paise from 493-495 paise.<br /><br />The Reserve Bank of India fixed the reference rate for dollar at 61.3360 and for the euro at 81.9630.<br /><br />The rupee dipped further against the pound to 103.49 from 102.59 previously while reacted downwards to 60.07 per 100 Japanese yen from 59.25.<br /><br />It also turned negative to end at 82.02 per euro from 81.45.<br /><br />(PTI)<br /> </div>
