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Rupee weakens to 63

Rupee weakens to 63.79 on month-end dollar demand

Tue Jan 30 2018

 

The rupee weakened by 21 paise to 63.79 against the US dollar at the interbank foreign exchange market today as the dollar remained firm against other currencies overseas.

 

Forex dealers said increased month-end demand from banks and importers and a weak domestic equity market weighed on the domestic unit.

 

The rupee opened weak by 9 paise at 63.67 against the US dollar. It hovered in a range of 63.79 and 63.59 before ending at 63.61, down 3 paise at 5 pm local time.

 

Yesterday, the rupee had ended lower by 3 paise at 63.58, halting its three-day rally, even as the Economic Survey printed a rosy picture of India’s macroeconomic outlook.

 

Meanwhile, the benchmark BSE Sensex ended the session down by 249.52 points or 0.69 per cent at 36,033.73 due to profit-booking in recent outperformers, while caution prevailed ahead of the federal budget, due on Thursday.

 

Source: http://www.thehindubusinessline.com/

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