Business

Rupee Crashes 68 Paise Against Dollar After Gujarat Poll Trend

Rupee Crashes 68 Paise Against Dollar After Gujarat Poll Trend

Mumbai: The rupee plunged 68 paise to 64.72 against the dollar on Monday after early trend suggested that the BJP and the Congress are neck and neck in Gujarat Assembly sweepstakes after one hour of counting of votes.

The Congress was leading in 7 seats while the BJP was leading in 6 in the Himachal Pradesh Assembly polls as early trends poured in.

Besides, the American currency’s strength against other currencies overseas weighed on the domestic unit, traders said. Meanwhile, US President Donald Trump’s much-hyped tax cuts moved a step closer to reality.

The rupee had gained 30 paise to close at a fresh three-month high of 64.04 on Friday against the dollar after all exit polls had suggested that the BJP would retain Gujarat and return to power in Himachal Pradesh.

The Sensex tumbled 867.34 points, or 2.59 percent, to 32,595.63 and Nifty slumped 258.45 points, or 2.50 percent, to 10,074.80 in early trade.

PTI