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Breaking a three-day spectacular upmove, the rupee retreated modestly from a near one-month high to end at 67.42 against the US dollar as sentiment turned bearish ahead of the Fed rate decision. Renewed demand for the American currency from banks and importers alongside some caution ahead of IIP date for October largely weighed on trade
According to forex dealers, weakness in other currencies, including euro, against the dollar after European Central Bank’s decision to extend asset purchases until the end of next year, weighed on the rupee.
The domestic unit opened weak at 67.51 at the Interbank Foreign Exchange market today. It hovered in a range of 67.63 and 67.46 before closing at 67.42.
Yesterday, the rupee had gained 27 paise to close at a near one-month high of 67.36 against the US currency.
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