Mumbai, India (BBN) – Indian rupee was trading weak at 64.93 as US dollar gained strength overseas.
Forex dealers said that increased demand for the US currency from importers and the dollar’s gains against other currencies overseas put pressure on Indian rupee, reports The Hindu Business Line quoting PTI.
However, a higher opening in the domestic equity market capped Indian rupee’s losses, they said.
The domestic unit opened a tad strong at 64.90 at the Interbank Foreign Exchange market today.
However, it weakened to 64.99 due to strengthening of dollar against other currencies overseas.
It hovered in a range of 64.99 and 64.88 before quoting at 64.93, down 2 paisa at 11:10am local time.
Yesterday, Indian rupee had marched to a new 17-month high of 64.91.
This was a level not seen since October 2015, as speculative traders and exporters resorted to heavy selling of the greenback.
Meanwhile, the benchmark BSE Sensex was trading higher by 94.03 points or 0.32 per cent at 29,625.46.