Mumbai, India (BBN) – The rupee depreciated by 10 paisa to 67.86 against the US dollar Monday at the Interbank Foreign Exchange due to increased demand for the American unit from importers amid foreign fund outflows.
The rupee traded between 67.95 and 67.70 in intra-day deals, reports the Hindu Business Line.
Dealers attributed the fall in rupee to increased demand for the US currency and lower domestic equity market but the dollar’s weakness against some currencies overseas because of the mounting tension between the US and China capped the losses.
Staging a strong recovery, the rupee on Friday had gained 7 paisa to end at 67.76 against the American currency, a day after succumbing to pressure created by US Federal Reserve’s rate hike.