Mumbai, India (BBN) – Indian rupee was trading weak at 66.82 against the US dollar on increased demand for the dollar from importers.
Dealers attributed the rupee’s fall to increased demand for the US currency and the dollar’s strength against some currencies overseas but a firm domestic equity market on better-than-expected GDP growth in October-December quarter, capped the losses, reports The Hindu Business Line.
The domestic unit opened weak by 10 paisa at 66.79 at the Interbank Foreign Exchange market today.
It hovered in a range of 66.90 and 66.96 before quoting at 66.82, down 13 paisa at 4.25 pm local time.
The rupee had gained 2 paisa to close at 66.69 in an extremely thin and lethargic trade yesterday owing to stray dollar selling form banks and exporters.
Meanwhile, the benchmark BSE index rose 241.17 points or 0.84 per cent to end at 28,984.49 as better-than-expected GDP growth eased worries about the impact of the government's demonetisation drive.
The dollar ticked up on Wednesday as Federal Reserve policy-setters fanned expectations of a rate hike this month, while US President Donald Trump offered Congress little details on his stimulus as some investors had expected.
The greenback extended gains against the yen, last up 0.6 per cent at 113.48 yen.
The euro dropped 0.2 per cent against the dollar to $1.0555.
BBN/SK/AD