Rupee slide continues, sinks to 65.98 against dollar

Mumbai

Continuing its fall for the third consecutive day, the rupee on Wednesday lost another 10 paise to settle at 65.98 per dollar on persistent demand for the American currency from banks and importers in view of heavy foreign capital outflows.

Higher dollar in the overseas market also affected the market sentiment, a forex dealer said. Foreign portfolio investors (FPIs) pumped out 147.15 million dollar on Tuesday, as per SEBI’s data.

The Indian unit resumed lower at 66.02 per dollar as against Tuesday’s closing level of 65.88 at the Interbank Foreign Exchange (Forex) market.

It slid further to 66.12 on heavy dollar demand from importers before concluding the day at 65.98, showing a loss of ten paise or 0.15%. It has dropped by 31 paise or 0.47% in three days.

The domestic currency hovered in a range of 65.89 and 66.12 per dollar during the day. In the overseas market, the US dollar hit its highest in nearly three weeks versus a basket of currencies in early Asian trade, while the yen held on to broad gains made overnight as persistent worries over a slowdown in China dampened risk sentiment.

Meanwhile, the benchmark BSE Sensex rose by 171.15 points or 0.67% to close at 25,822.99.