Technoglitch
Core Member
The rupee partly wiped off its early losses, but was still trading weak at 66.98 against the dollar in the afternoon trade due to strong dollar demand from importers and banks amid firm equity market.
Dealers said besides dollar’s gain against some overseas currencies, sustained capital outflows weighed on the domestic unit.
The rupee breached the 67-mark by depreciating 16 paise to 67.04 against the dollar in early trade at the Interbank Foreign Exchange market today.
It hovered in a range of 67.06 and 66.95 before being quoted at 66.98, down 10 paise at 1.50 pm local time.
The rupee had closed 17 paise lower against the US dollar at 66.88 on Friday, the lowest level in more than two years in the face of strong demand for greenback.
Meanwhile, the benchmark BSE Sensex was trading up by 134.58 points or 0.54 per cent at 25,179.01.
Rupee trading weak at 66.98 on strong dollar demand | Business Line
Dealers said besides dollar’s gain against some overseas currencies, sustained capital outflows weighed on the domestic unit.
The rupee breached the 67-mark by depreciating 16 paise to 67.04 against the dollar in early trade at the Interbank Foreign Exchange market today.
It hovered in a range of 67.06 and 66.95 before being quoted at 66.98, down 10 paise at 1.50 pm local time.
The rupee had closed 17 paise lower against the US dollar at 66.88 on Friday, the lowest level in more than two years in the face of strong demand for greenback.
Meanwhile, the benchmark BSE Sensex was trading up by 134.58 points or 0.54 per cent at 25,179.01.
Rupee trading weak at 66.98 on strong dollar demand | Business Line