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Rupee plunges against $

MUMBAI: The rupee on Monday plunged against the U.S. currency on heavy dollar demand by oil PSUs after a sharp rise in world crude oil prices.

Although the Indian currency was in a better position during the early trading, it came under heavy pressure as oil companies started buying dollar heavily after crude oil prices rose steeply, dealers said.

The rupee, after a firm start at 45.95/97 a dollar, turned sharply weak and plunged to close at 46.1350/1450, notably lower than the previous weekend close of 46.06/07. — PTI

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