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For fifth day straight, rupee down 8 paise at 66.95 in early trade

The rupee fell for the fifth consecutive day on Wednesday as it depreciated by 8 paise to trade at 66.95 against the US dollar in early trade.

business Updated: May 18, 2016 19:10 IST
The rupee fell for fifth day straight due to sustained demand for the American unit from importers and banks amid a lower opening in the domestic equity market.(Reuters file photo)

The rupee continued its free fall against the US dollar for the fifth straight session today and touched the 67-level after a gap of two months, but closed 10 paise lower at 66.97 on sustained demand for the greenback from banks and importers amid fall in domestic equities.

Higher dollar in the overseas market coupled with foreign capital outflows also affected the market sentiment.

The rupee resumed lower at 66.95 as against the yesterday’s closing level of 66.87 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 67.00 level after two months before ending at 66.97, showing a loss of 10 paise or 0.15%.

The rupee has lost 41 paise or 0.62% in the last five trading sessions.

The domestic currency had last touched 67-level on March 16 this year when it had slumped to 67.22.

It moved in a range of 66.86 and 67.00 per dollar during the day.

The dollar index was up by 0.16% in the late global trade against a basket of six global currencies.

Meanwhile, the RBI fixed the reference rate for the dollar at 66.9131 and euro at 75.4847.

In cross-currency trades, the rupee dropped further against the pound sterling to finish at 97.29 from 96.81 on Tuesday.

However, it recovered against the euro to 75.58 from 75.70.

The domestic currency declined against the yen to 61.10 per 100 yens from 61.07 previously.

First Published: May 18, 2016 10:35 IST