Mumbai:-The rupee today ended lower by 27 paise to more than 2-week low of 67.35 against the American currency on month-end dollar demand from importers in spite of sharp rise in the domestic equity market.
Good foreign capital inflows failed to restrict the rupee’s fall against the dollar, a foerx dealer said.
The rupee opened lower at 67.19 as against the last Friday’s closing level of 67.08 at the Interbank Foreign Exchange market and dropped further to 67.36 before ending at more than 2-week low at 67.35 per dollar.
The rupee had last ended at 67.37 on July 8, 2016.
The domestic unit hovered in a range of 67.36 and 67.16 per dollar during the day.
The dollar index was trading down by 0.04 per cent in the late afternoon trade.
Meanwhile, the RBI fixed the reference rate for the dollar at 67.2430 and euro at 73.7992.
In cross-currency trades, the rupee dropped against the pound sterling to close at 88.41 from 87.90 previously and fell against the the euro to settle at 73.97 compared to 73.91 previously.
The domestic currency also dropped against the Japanese yen to 63.38 per 100 yens from 63.22.
Pramit Brahmbhatt of Veracity Financial Services said, “Despite of strong cues from domestic equity market, we observed the rupee depreciating against dollar. Nifty traded with positive bias in today’s trading session and gained 95 points to give a close at 8,636 levels. Thus to end the session, the rupee depreciated by 27 paise and closed at 67.35/USD. Trading range for the spot USD/INR pair will be 67 to 67.50/USD.” .
PTI
