Rupee snaps 7-day winning spree vs US dollar, down 7p to 62.33
The Indian rupee on Wednesday snapped its seven-day winning spree against the Greenback, declining 7 paise to end at 62.33 on month-end dollar demand from banks and importers.business Updated: Mar 25, 2015 19:10 IST
The Indian rupee on Wednesday snapped its seven-day winning spree against the Greenback, declining 7 paise to end at 62.33 on month-end dollar demand from banks and importers.
The rupee's longest run of gains since June 2011 ended amid renewed dollar demand in view of a higher dollar in the international market, a forex dealer said.
The rupee resumed lower at 62.32 per dollar as against Tuesday's closing level of 62.26 at the Interbank Foreign Exchange (Forex) Market.
It hovered in a range of 62.27 and 62.4350 per dollar, before finishing at 62.33, disclosing a fall of seven paise or 0.11%.
The rupee had gained by 71 paise or 1.13% in the preceding seven straight sessions.
The US dollar drifted lower against the euro and the yen in Asia on Wednesday, with investors appearing reluctant to take strong positions amid a lack of fresh market-moving news.
The dollar index, a gauge of six major global rivals, was down by 0.42%.
Meanwhile, the Indian stock benchmark Sensex declined by 49.89 points or 0.185 to finish at 28,111.83.