Mumbai, India (BBN) – The Indian rupee was trading down by 3 paisa at 64.49 against the US currency at the interbank foreign exchange market today as the dollar gained strengthened against other currencies overseas after the US Senate had last week passed the tax reform bill.
Dealers also attributed the rupee’s fall to increased demand for the US currency from importers but a firm domestic equity market capped the losses to some extent, reports The Hindu Business Line.
The rupee opened lower by 7 paisa at 64.53 against last close of 64.46 on higher demand for the dollar. Later the rupee reverses its losses to touch a high of 64.45 in early trade. The domestic currency was quoting at 64.49 per dollar, down by 3 paisa, at 9.50 am local time.
On Thursday, the rupee had lost 15 paisa to close at 64.46 a dollar on growing concerns with regard to fiscal deficit and possible extension of crude oil production curb by OPEC. Forex and money markets were closed on Friday on account of Id-E-Milad.
Meanwhile, the benchmark Sensex rose 175.53 points, or 0.53 per cent, to 33,008.47 in early trade.