Rupee continues to sink; falls 29 paise at 65.83 against dollar

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MUMBAI: Riding on global currency volatility wave, the rupeeon Friday plummeted sharply by 29 paise to close at a fresh two-year low of 65.83 against the US dollar on high demand for greenback from banks and importers.

Heightened fears of a China-driven global economic crisis as well as worries of imminent Fed rate hike predominantly kept intense pressure on the domestic currency.

Besides, escalating tensions between South Korea and North Korea and weakness in emerging market currencies weighed on sentiments.

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