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The rupee lost further ground today and finished lower by 8 paise at 64.24 a dollar on sustained month—end demand for the US currency from importers and banks.
Currency traders preferred to stay on the sidelines and avoided taking any long positions ahead of a long weekend.
Subdued local equities along with modest amounts of capital outflows too weighed on forex trade as foreign funds sold shares worth net Rs 181.71 crore yesterday as per the provisional data from exchanges.
Forex market will be closed on Monday on account of ’Maharashtra Day’
Indian equities witnessed a sell—off for the second straight day as cautious investors booked profits ahead of a long weekend even as key Asian bourses were broadly weaker.
The flagship Sensex dropped 111.34 points to end at 29,918.40, while Nifty shed 38.10 points to 9,304.05.
The rupee resumed firmly higher at 64.10 against Thursday’s closing of 64.16 at the Interbank Foreign Exchange market and strengthened further to 64.06 on bouts of dollar selling amid firm domestic equities.
But soon turned weaker moving in line with local stocks and touched a low of 64.38 in late afternoon deals before concluding at 64.24, showing a fall of 8 paise.
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