Mumbai: Rupee tumbles by nearly 22 paise

Mumbai, July 27: A drastic fall in sensex margins brought massive losses to Rupee today.

The local unit opened at 40.48/50, nearly 14 paise down from the previous close of 40.34/35 per US dollar.

It later collapsed by more than 22 paise to touch 40.56/57 levels against dollar with Reserve bank was seen nowhere in the scene during the first half of the day, said dealers.

Sensex, which fell by more than 580 points today as foreign institutional investors stood away from a highly volatile market, claimed a simultaneous impact on Rupee, opined dealers.

At 1200 hrs rupee was trading at 40.50 per dollar slightly recovering from its intra-day low of 40.56/57 per dollar.

A tumbling Rupee is expected to bring solace to exporters who were struggling in last few months owing to a constant rise in Rupee value which marked a fresh nine year high of Rs 40.2050 per dollar early this week.

UNI