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The rupee fell back sharply from a two-week high, depreciating by 17 paise to end at 68.62 against the US currency on renewed dollar demand from banks and importers, even as crude oil hovered near its multi-month lows.
The home currency opened higher at 68.42 against the previous close of 68.45 at the interbank forex market on sustained dollar unwinding and firm local equities. It later strengthened to a near-two-week high of 68.38 in mid-morning deals before slipping back towards tail-end trades. A follow-through weakness pulled down the rupee to a low of 68.65 before it closed at 68.62 against an appreciating US dollar, showing a steep loss of 17 paise, or 0.25 per cent.
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