The rupee fell for third straight session today slipping further by 25 paise to 49.40/41 against the US currency on sustained dollar demand from banks and importers on the back of strong dollar in overseas
markets.
The rupee stayed weak for the third day as banks and importers preferred to increase their dollar position in view of firm dollar in overseas markets, a dealer said.
Also, investors pulled out funds from the domestic equity market, which dropped by nearly 2 per cent in recent sessions.
The rupee resumed lower at 49.40/41 per dollar at the Interbank Foreign Exchange (Forex) market as against the last closing level of 49.15/16 per dollar and dropped further to 49.50 per dollar before finishing at 49.40/41.
It hovered in a range of 49.20 per dollar and 49.50 per dollar during the day.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.