Mumbai, India (BBN)-Indian rupee was trading weak at 68.33 against the American currency in the evening session as the dollar gained strength overseas.
Forex dealers said increased demand for the US currency from importers and the dollar’s gains against other currencies overseas put pressure on the rupee, reports The Hindu Business Line.
They said, however, a firm domestic equity market capped the rupee’s losses.
The domestic unit opened weak by 5 paisa at 68.23 against the previous close of 68.18 at the Interbank Foreign Exchange market today.
It hovered in a range of 68.35 and 68.17 before quoting at 68.33, down 15 paise at 4.20 pm local time.
The 30-share BSE index Sensex ended higher by 240.85 points or 0.9 per cent at 27,140.41 tracking Asian peers ahead of US President-elect Donald Trump’s news conference later in the day in which he will outline his policies.
In the overseas market, the dollar edged higher against a basket of major currencies on Wednesday ahead of a news conference by US President-elect Donald Trump in which he is expected to spell out more about his plans for the economy.
The dollar index rose 0.2 per cent to 102.18.