1. Indian rupee dips to 2-month low at 66.80 vs US dollar

Indian rupee dips to 2-month low at 66.80 vs US dollar

The Indian rupee today continued its falling streak against the US currency for the third day, slipping by another three paise to hit 2-month closing low of 66.80 on persistent dollar demand from banks and importers on the back of higher greenback in the overseas market.

By: | Mumbai | Updated: May 16, 2016 6:49 PM
Indian rupee vs US dollar The Indian rupee resumed lower at 66.90 as against the last weekend’s level of 66.77 per dollar at the Interbank Foreign Exchange (Forex) Market and moved down to 66.91 on initial heavy dollar demand from banks.(Reuters)

The Indian rupee today continued its falling streak against the US currency for the third day, slipping by another three paise to hit 2-month closing low of 66.80 on persistent dollar demand from banks and importers on the back of higher greenback in the overseas market.

Rise in crude oil prices also affected the rupee-value against the dollar, a forex dealer said.

The Indian rupee resumed lower at 66.90 as against the last weekend’s level of 66.77 per dollar at the Interbank Foreign Exchange (Forex) Market and moved down to 66.91 on initial heavy dollar demand from banks.

However, it trimmed its initial losses and recovered 66.7225 per dollar before ending at 2-month closing low at 66.80, still showing a loss of 3 paise or 0.04 per cent.

The domestic currency has lost 24 paise or 0.36 per cent in the last three trading sessions.

The rupee had last ended at 67.22 per dollar on March 16, 2016.

The domestic currency hovered in a range of 66.7225 and 66.9100 per dollar during the day.

The dollar index was down by 0.0074 per cent in the late global trade against a basket of six global currencies.

Meanwhile, the RBI fixed the reference rate for the dollar at 66.8216 and euro at 75.5953.

In cross-currency trades, the rupee firmed up further against the pound sterling to finish at 95.99 from the last weekend’s level of 96.27.

It also moved up further against the euro to 75.62 from 75.80.

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