E-Paper
Rupee falls 31 paise against US dollar
On Monday, the rupee had surged by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.
The rupee weakened further to trade 31 paise lower at 67.74 against the US dollar in late morning deals following sustained bouts of month-end dollar demand from importers and banks.
The domestic unit resumed lower at 67.62 against Monday’s closing level of 67.43 per dollar at the inter-bank foreign exchange.
It slid further to 67.75 before quoting at 67.74 at 10.30 am, hovering between 67.50 and 67.75 during morning deals.
“Continued foreign capital outflows and month-end dollar demand weighed on rupee sentiment,” a dealer said.
On Monday, the rupee had surged by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 795.06 crore Monday, provisional data showed.
