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Retreating from a three-week high, the rupee on Friday depreciated by 12 paise to close at 64.70 a dollar due to renewed demand for the US currency.
A sharp uptick in dollar demand from importers and banks amid rising prospect of Fed rate hike by the end of this year largely dominated trading sentiments.
The domestic unit opened a tad up at 64.56 at the Interbank Foreign Exchange market today. It hovered in a range of 64.74 and 64.56 before quoting at 64.70, down 12 paise.
However, the US dollar was listless against the euro in the global market after data showed that the euro zone economy continued to improve and job creation grew at its fastest pace in 17 years. An upward movement in domestic equities, however, prevented the rupee from going further down, traders said.
Yesterday, the rupee had staged a rebound and ended at a fresh three-week high of 64.58, jumping 34 paise, after US Fed minutes signalled a shallow rate hike path.
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