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The rupee depreciated by 12 paise to end at 63.82 against the American currency owing to robust dollar demand from importers amid steep losses in local equities after the RBI took a cautious stance on economic recovery and hinted there may not be more cuts in the near term. The rupee opened steady at 63.70 to a dollar at the Interbank Foreign Exchange, but later turned weak to touch an intra-day low of 63.97 following heavy dollar demand.
However, the local currency recovered smartly for a brief period to hit a high of 63.66 before sliding back to end at 63.82, a fall of 0.12 paise, or 0.19 per cent.
Meanwhile, the BSE Sensex tanked over 660 points as I MD has lowered monsoon forecast for this year and as RBI has taken a cautious stance on the economic recovery even as it cut policy rates by 25 basis points.
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