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Rupee trading weak at 63

Rupee trading weak at 63.81

Mon Aug 07 2017


The rupee was trading weak at 63.81 due to heavy demand for the American currency from banks and importers.


According to forex dealers, the US dollar’s gains against some currencies overseas on strong jobs data put the rupee on backfoot.


The domestic unit opened weak by 14 paise at 63.72 at the Interbank Foreign Exchange market today. It hovered in a range of 63.82 and 63.65 before quoting at 63.81, down 23 paise at 4.15 pm local time.


The rupee had strengthened by 11 paise to end at a fresh two-year high of 63.58 against the US currency on Friday even as panic dollar unwinding continued.


The dollar edged lower on Monday following sharp gains in the previous session, as investors focused on inflation data due this week that could determine the currency's longer-term trajectory.


The dollar index against a basket of six major currencies was 0.1 per cent lower at 93.44 having climbed 0.75 per cent on Friday. That was its biggest single-day rise of 2017 and pulled it away from 92.548, its lowest level since May 2016 that it marked on Wednesday.


Meanwhile, the 30-share BSE index Sensex ended lower by 51.74 points or 0.16 per cent at 32,273.67 and the 50-share NSE index Nifty was down 9 points or 0.09 per cent at 10,057.40.



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