Re plunges to 5-month low of 45.94/94/USD on FII selling

Mumbai, May 25 (UNI) The Indian currency today dipped sharply to a five-month low of 45.93/94/USD due to demand from the foreign institutional investors (FIIs) and crude oil importers.

Earlier, the Rupee opened 17 paise weaker at 45.91/93/USD as compared to the last close of 45.74/76, said a forex dealer here.

The sharp fall in the stock markets by 298 points after opening led to a weaker opening of the rupee, added the dealer.

On May 23, when BSE Sensex gained 341 points, FIIs were net sellers of stocks worth Rs 1,243 crore or USD 276 million in the equity markets, which was putting pressure on the domestic unit.

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