Mumbai:- Extending losses against the American currency for the second straight day, the rupee dropped by another 17 paise to close at 67.48 on persistent dollar demand from banks and importers amidst weakness in equities.
Foreign capital outflows also affected the rupee value.
Foreign portfolio investors and foreign institutional investors sold shares worth a net Rs 537.46 crore yesterday, as per provisional data released by the stock exchanges.
The rupee opened lower at 67.40 per dollar against the yesterday’s closing level of 67.31 at the Interbank Foreign Exchange market and hovered in a range of 67.35 and 67.55 before ending at 67.48 per dollar, showing a loss of 17 paise or 0.25 per cent.
The domestic currency has dropped 40 paise or 0.60 per cent in two days.
The dollar index was trading lower by 0.08 per cent at against a basket of six currencies in the early trade but ruled steady in the afternoon trade.
The RBI fixed the reference rate for the dollar at 67.47 and euro at 76.45.
In cross-currency trades, the rupee dropped further against the pound sterling to end at 99.47 from 98.49 yesterday and also moved down further against the euro to 76.41 fom 76.25.
The domestic currency declined against the Japanese yen to 64.44 per 100 yens from 64.37. .
PTI
