Economy

Rupee ends 5 paise lower at 65.64 against dollar

Rupee ends 5 paise lower at 65.64 against dollar

The rupee declined by 5 paise to close at one-month low of 65.64 against the US dollar on Tuesday on fag-end demand for the American currency from banks amidst sustained foreign capital outflows.

The local unit opened higher at 65.48 against Monday’s level of 65.59 at the Interbank Foreign Exchange (Forex) market and firmed up further to a high of 65.41 on initial selling of dollars by banks and exporters on weakness of greenback in overseas market.

However, it washed out initial gains gains and dropped to 65.7125 on fag-end dollar demand from banks before settling at one-month low at 65.64, showing a loss of five paise or 0.08 per cent. The domestic currency has dropped 37 paise, or 0.57 per cent, in two days. The rupee had last ended at 65.96 on September 29, 2015.

It hovered in the range of 65.7125 and 65.41 during the day. The dollar index traded higher by 0.26 per cent against a basket of six currencies. “The impending US data will have direct impact on the December FOMC decision and can result in increased market volatility,” a forex dealer said.

Oil prices rebounded in Asia, buoyed by bargain hunting ahead of the release of US government data that will gauge crude demand in the world’s biggest economy. Meanwhile, the benchmark BSE Sensex ended higher by 31.44 points or 0.12 per cent, at 26,590.59.
[“source-businesstoday”]

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