Economy

Rupee closes 3 paise lower at 66.36

Rupee closes 3 paise lower at 66.36

Photo: Reuters

The rupee closed marginally lower by three paise at 66.36 against the US dollar on Tuesday on fresh demand for the American currency from banks and importers amid fall in equity markets despite greenback’s weakness in overseas markets.

The domestic unit resumed lower at 66.35 as against Monday’s closing of 66.33 at the Interbank Foreign Exchange (Forex) market and fell further to 66.48 before concluding at 66.36, showing a loss of three paise, or 0.05 per cent.

The rupee hovered in a range of 66.33 and 66.48 during the day. It had on Monday closed higher by 21 paise, or 0.32 per cent.

The dollar index was down by 0.07 per cent against a basket of six currencies. In New York, the US dollar ended lower against its major rivals late Monday as investors wagered that the US Federal Reserve will keep key interest rates unchanged this month, but fears that the American central bank might surprise the market played on investors’ minds.

Oil rates saw a mixed trend in Asia as prices remained hobbled by weak demand and excess supplies.

US benchmark West Texas Intermediate for delivery in October climbed by 22 cents to $44.22, while Brent crude for October dipped six cents to $46.31.

Meanwhile, the benchmark BSE Sensex fell by 150.77 points, or 0.58 per cent, to settle at 25,705.93.

“source-businesstoday”]

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