Rupee Falls 111 Paise Against Dollar, Sensex Nifty Recover Losses

New Delhi: The Indian rupee on Tuesday fell by over111 paise against the US dollar following Urjit Patel’s resignation as the governor of the Reserve Bank of India (RBI).

The domestic currency (rupee) registered huge losses vs US dollar in the opening session on Tuesday, to a four-week low of 72.4438, down 111 paise from the previous close of 71.3375 at the interbank foreign exchange market.

On the other hand, Domestic stock markets swung between gains and losses after counting of assembly election votes hinted at a Congress victory in two BJP-ruled heartland states.

On Tuesday noon, the S&P BSE Sensex traded at 34,892.43, down 67.29 points or 0.19 percent and the Nifty 50 barometer of the National Stock Exchange (NSE) was at 10,482.35, with a loss of 6.10 points or 0.06 percent. In early trade, the Sensex had sunk as much as 533 points and the Nifty over 150 points.

In a major development on Monday, Urjit Patel stepped down from the post of RBI governor with immediate effect, citing ‘personal reasons’.

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