Rupee slips 111 paise against US dollar after RBI governor Urjit Patel resigns

New Delhi, Dec 11: Indian rupee on Tuesday slumped nearly 111 paise against the US dollar after the unexpected resignation of the Reserve Bank Governor Urjit Patel on Monday amid state election outcome later in the day.

The domestic currency (rupee) registered huge losses vs US dollar in the opening session on Tuesday witnessing reaction of the Dr Patels exit from the RBI.

The rupee crashed to a four-week low of 72.4438, down 111 paise from the previous close of 71.3375 at the interbank foreign exchange market, the Bloomberg data showed. At the time of writing, the rupee was trading 72.1888 , down 85 paise per unit US dollar.

RBI Governor Urjit Patel on Monday stepped down from the post of RBI governor with immediate effect, citing 'personal reasons'.