Mumbai, India (BBN)-The rupee pared some of its losses but was still in the red at the Interbank Foreign Exchange due to month-end demand for the American currency from importers amid capital outflows.
The rupee opened sharply lower at 63.46 against last closing level of 63.30 at the Interbank Foreign Exchange market, it slumped further to 63.75 before quoting at 63.42 at 4.55 pm, reports PTI.
It hovered in a range of 63.75 to 63.40 during the day's trade.
Forex dealers attributed the fall in the rupee to month-end demand for the US dollar from importers and sustained capital outflows amid a lower opening in the domestic stock market.
The rupee had lost 15 paise to end at 63.30 against the dollar in yesterday’s trade.