Sliding for the seventh consecutive trading session, rupee depreciated 33 paise to fall below the psychological mark of 65 against the US dollar in trade on Thursday.The domestic currency declined to as low as 65.10 to the dollar, its weakest since September 2013, when the currency was mired in its worst turmoil since 1991.The local unit had appreciated as much as 12 paise in the early trade, but it could not hold gains as the session progressed. Ringgit tumbling beyond 4/dollar for first time since 1998.
The dollar held above a one month low against a basket of currencies on Thursday as the yuan's fall slowed, easing worries that China was trying to sharply devalue its currency to gain competitive advantage. The yuan weakened slightly but the pace of its decline dipped as China's central bank said there was no basis for further depreciation in the yuan, given China's strong economic fundamentals. The dollar edged up about 0.2 per cent against a basket of major currencies to 96.430, inching away from a one month low of 95.926 set on Wednesday. Against the safe haven yen, the dollar rose 0.2 per cent to 124.43, although it remained below a two month high of 125.28 yen set on Wednesday.
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