The rupee on Monday ended lower by 13 paise to 64.96 against the American currency on month-end dollar demand from importers.
The Indian unit opened lower at 64.92 as against last Friday’s closing level of 64.83 at the Interbank Foreign Exchange (forex) market and dropped further to 65.01 on initial dollar demand from banks and importers before ending at 64.96, showing a loss of 13 paise or 0.20%.
The rupee hovered in a range of 64.90 and 65.01 during the day. The dollar index was traded at 0.17% lower in the late afternoon trade against a basket of six currencies.
Meanwhile, the dollar lost some of its gains against the yen and the euro in Asia trade on Monday, with investors booking profit on recent advances in the greenback that were propelled by brighter risk sentiment and a global stock market recovery.
Pramit Brahmbhatt, Veracity Group CEO, said that the rupee traded weak and closed at 64.96 for the day. The rupee depreciated by 16 paise to 64.99 against the US currency in early trade due to strong dollar demand from importers. Dollar index is traded negative which capped the rupee’s depreciation towards end. The trading range for the Spot USD/INR pair is expected to be within 64.60 to 65.30.
Meanwhile, the Indian benchmark BSE Sensex ended lower by 108.85 points or 0.40% to close at 27,361.96.