Mumbai, India (BBN)-The rupee was trading weak by 15 paise at 63.66 in the evening session due to heavy dollar demand from importers and strengthening of dollar against other currencies overseas.
The dollar clawed its way higher on Monday, recovering from almost four-month lows reached late last week on another surprisingly bad round of US economic data, reports PTI.
Against the euro, it was up as much as half-a-per cent, taking back some of the past month’s hefty losses.
Capital outflows, in small lots, also weighed on the rupee, while a rally in local stocks restricted the rupee fall to some extent, a forex dealer said.
The domestic unit commenced higher at 63.45 on sustained dollar selling by exporters from the previous close of 63.51 at the Interbank Foreign Exchange market.
Later, it met with strong resistance and turned negative to touch a low of 63.68 before being quoted at 63.66 at 4.30 pm local time. In the last three sessions, it had risen by 66 paise or 1.03 per cent.
Meanwhile, the benchmark BSE Sensex surged 363.30 points or 1.33 per cent to 27,687.30 on forecast of timely monsoon and hopes of rate cut by the Reserve Bank of India.