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Indian rupee falls by 27 paise to end at 67.35 against the US dollar

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Updated: July 25, 2016 6:08:22 PM

Indian rupee depreciated by 27 paise at 67.35 against the US dollar at the Interbank Foreign Exchange market on Monday on the back of demand of the American currency by importers and banks and dollars performance against other currencies.

Indian rupee vs US dollarIndian rupee depreciated by 27 paise at 67.35 against the US dollar at the Interbank Foreign Exchange market on Monday on the back of demand of the American currency by importers and banks and dollars performance against other currencies.(Photo: PTI)

Indian rupee depreciated by 27 paise at 67.35 against the US dollar at the Interbank Foreign Exchange market on Monday on the back of demand of the American currency by importers and banks and dollars performance against other currencies.

The currency had closed 9 paise up at 67.08 against US dollar on selling of the American currency by banks and exporters.

The pound sterling also finished higher at Rs 88.41/43 per pound.

Domestic stock markets recovered later in the day after opening flat on Monday following optimism over passage of the GST bill in Parliament. The Sensex closed 292.10 points or 1.05 per cent up at 28,095.34, while NSE Nifty settled 94.45 points or 1.11 per cent up at 8,635.65.

Dollar’s strong performance against other Asian currencies also contributed to rupee’s weakness. Yen was performing weak amid hopes that the US Federal Reserve will hold rates steady while the Bank of Japan will expand stimulus at their respective policy meetings this week.

“Indian rupee depreciated because of upcoming US Fed policy review. The monetary conditions are loose and US economic data has improved, which could give Federal Reserve room to talk tough. This affected the emerging currencies against the US dollar,” Anindya Banerjee, currency analyst, Kotak Securities said.

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