Rupee slumps 37 paise to close at 96.31 against US dollar

The rupee slumped below the psychologically important 96 per dollar mark on Thursday to close at 96.31 against the US dollar, the lowest level in more than two months, on risk aversion in global markets amid surging global bond yields and selling pressure from foreign investors.

 Forex traders said the rupee is expected to trade with a negative bias amid risk aversion in global markets and worries over rising global treasury yields. At the interbank foreign exchange market, the rupee opened at 95.95, then lost ground to touch an intraday low of 96.34 against the American currency. At the end of trading session, the domestic unit was quoted at 96.31 against the greenback, lower by 37 paise over its previous close.