Mumbai, India (BBN)-The Indian rupee was trading weak at 68.20 against the dollar in the afternoon session due to increased demand for the American unit from importers and banks.
Moreover, sustained capital outflows and the dollar’s strength against some other currencies overseas also weighed on the local unit, forex dealers said, reports The Hindu Business Line.
The domestic unit opened weak by 68.15 against the previous close of 67.96 at the Intebank Foreign Exchange market today.
It hovered in a range of 68.23 and 68.14 before quoting at 68.20, down 24 paisa at 1.35 pm local time.
Meanwhile, the benchmark BSE Sensex was trading up 3.21 points or 0.01 per cent at 26,763.67.
In the overseas market, the dollar crept ahead in Asia on Monday after signs of wage pressure in the December US jobs report proved enough to lift Treasury yields, but bulls remained wary of a sudden setback following last week’s wave of profit-taking.
A holiday in Tokyo kept trading light and the dollar index was just 0.1 per cent firmer at 102.33, near the middle of last week’s wide 101.30 to 103.82 range.
BBN/SK/AD