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The rupee on Wednesday declined by 24 paise to close at 69.86 against the US currency, weighed down by a strong dollar sentiment and high demand for the greenback from importers.
The domestic currency dropped to more than four-month low of 69.97 in the day trade in line with losses in other Asian currencies against the dollar after positive US economic data.
At the Interbank Foreign Exchange (forex), the rupee opened sharply lower at 69.80 and further fell to a four-month low of 69.97, the lowest level since December 3, 2018, against the dollar. Intra-day, the unit touched a high of 69.75.
The domestic currency finally settled at 69.86 per dollar, down 24 paise over its previous closing. On Tuesday, the rupee had appreciated by 5 paise to close at 69.62 against the US dollar.
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