Mumbai, India (BBN) – Indian rupee slipped further by 17 paisa to 67.39 against the US currency in pre-close trade following continued bouts of dollar demand from banks and importers amidst volatile domestic equities.
The rupee had opened lower by 7 paisa at 67.29 per dollar against yesterday’s level of 67.22 per dollar at the Interbank Foreign Exchange (Forex) Market, reports The Hindu Business Line quoting PTI.
The domestic unit hovered between 67.4425 and 67.2900 per dollar in intra-day deals before quoting at 67.39 per dollar at 4.55 pm.
The US dollar’s gains against some currencies overseas and the domestic share indices closing in the red put the rupee on the back foot, forex dealers said.
The benchmark BSE Sensex closed down 104 points at 28,335.16.
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 had given the rupee an edge amid extreme weak overseas sentiment.