Indian rupee falls sharply to near 63.50 per US dollar ahead of Fed meet

Written by Reuters | Mumbai | Updated: Sep 18 2013, 00:39am hrs
Indian rupeeThe rupee was at 63.38/40 against Monday's close of 62.83/84. (AP)
The Indian rupee on Tuesday fell by 60 paise to 63.43 against the dollar in early trade today at the Interbank Foreign Exchange market as the US currency gained strength overseas.

Forex dealers said besides dollar's gains against other overseas currencies, rise in wholesale price inflation for August and fresh demand from importers for the American currency also put pressure on the rupee.

Rupee Dollar Sept 17

They said a lower opening in domestic equity market too weighed on the local currency.

The Indian rupee added 65 paise to close at one-month high of 62.83 against the US currency in the previous session on hope that Sebi's steps to ease investment norms for overseas entities in government debt would attract more capital flows.

Meanwhile, the BSE benchmark Sensex fell by 55.25 points, or 0.28 per cent, to trade at 19,687.22 in early trade today.

Rupee Dollar Sept 17