Mumbai, India (BBN) – The rupee weakened to 68.24 against the dollar on increased month-end demand for the US currency from importers amid sustained foreign fund outflows.
Dealers said that however, the dollar’s weakness against some currencies in the global market restricted the rupee’s fall, reports The Hindu Business Line.
The domestic unit opened weak by 4 paisa at 68.10 at the Interbank Foreign Exchane market on Wednesday.
It hovered in a range of 68.24 and 68.10 before quoting at 68.15, down 9 paisa at 3:45pm local time.
Yesterday, the rupee had dropped by 32 paisa to close at 68.06 against the US currency on month-end dollar demand from importers and banks amid persistent foreign capital outflows.
Meanwhile, the 30-share BSE index Sensex closed down 2.76 points or 0.01 per cent at 26,210.68.
The dollar inched up against the yen on Wednesday after upbeat US economic data reinforced expectations for economic growth under Donald Trump’s Administration and more rate hikes by US Federal Reserve next year.
The dollar rose 0.2 per cent against the yen to117.67, adding to its gains of nearly 0.5 per cent on Tuesday in the wake of data showing US consumer confidence hit a 15-year peak in December.