Forex

Rupee trading weak at 66.99

PTI Mumbai | Updated on January 20, 2018 Published on May 18, 2016

rupee

The rupee was trading weak at 66.99 on sustained dollar demand from importers and on the back of dollar's strength against other currencies overseas.

The dollar rose to a three-week high against the euro and a basket of currencies on Wednesday on renewed expectations that the Federal Reserve could raise interest rates soon.

In early trade, the domestic unit depreciated by 8 paise to 66.95 against the previous close of 66.87 at the Interbank Foreign Exchange market. This was the fifth consecutive day of fall.

It hovered in a range of 67 and 66.87 before quoting at 66.99, down 12 paise at 4.20 pm local time.

Forex dealers said apart from increased demand for the US currency from importers, foreign fund outflows and rising global crude oil prices amid dollar’s gains against other currencies overseas put pressure on the rupee.

Meanwhile, benchmark BSE Sensex ended down by 69 points or 0.27 per cent at 25,704.61.

Published on May 18, 2016
null
This article is closed for comments.
Please Email the Editor