Mumbai, India (BBN) – After rising for nine straight days, the Indian rupee turned weak by 13 paisa to 67.35 against the US dollar in early trade at the foreign exchange market today on fresh demand for the American currency from importers.
The US dollar’s gains against some currencies overseas and a lower opening in the domestic equity market put the rupee on the back foot, forex dealers said, reports The Hindu Business Line quoting PTI.
For the past few days, the rupee continued to outshine the US dollar and ended at a nearly 3—month high of 67.22 yesterday, appreciating by 9 paisa on sustained unwinding of the American greenback by exporters and corporates ahead of the RBI monetary policy review scheduled for tomorrow.
Heavy unwinding of long dollar positions built by speculative traders last week ahead of FOMC meet predominantly gave the rupee an edge amid extreme weak overseas sentiment.