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Rupee drops three paise
MUMBAI:
The rupee on Wednesday weakened against the U.S. currency due to residual month-end dollar demand amid a rebounding dollar overseas even as strong foreign institutional investment inflows and expatriate remittances partly contained sharp losses, arresting a brief overnight pull-back rally.
In mostly quiet and range-bound trading at the interbank foreign exchange market, the rupee ended at 45.9250/9350 a dollar, a three paise decline from Tuesday's finish of 45.8950/9050, but a smart recovery from the low of 45.96/97 struck in intraday deals. It opened distinctly weak at 45.93/94 after the U.S. currency rebounded against the euro and the yen on Tuesday following its sharp losses the previous day. The dollar strengthened overnight, helped by weaker-than-expected Japanese data and a general sense that markets have already priced in a European Central Bank rate increase later this week. — PTI
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