Rupee falls against dollar for third straight week

Rupee falls against dollar for third straight week

New Delhi: The Indian rupee continued to fall against the American currency for the third straight week, slipped by another 44 paise to close at 65.27 per dollar on persistent month-end dollar demand from importers and some banks.

Meanwhile, Foreign portfolio investors pumped in net USD 128.48 million during the first four days of the week, as per the SEBI’s record.

The rupee resumed lower at 64.92 per dollar as against the last weekend’s level of 64.83 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 65.38 per dollar before finishing the week 65.27 per dollar, showing a loss of 44 paise or 0.68 percent.

The local currency has dropped by 53 paise or 0.82 percent in three weeks.

The domestic currency hovered in a range of 64.9075 and 65.3800 per dollar during the week.

In the overseas market, the US dollar soared after Federal Reserve policy makers left the door open for an interest-rate hike in December.

The Federal Open Market Committee said it would “assess progress both realised and expected toward its objectives of maximum employment and 2 percent inflation” at their next meeting, which ends December 16, adding that it would keep an eye on “global economic and financial developments.”
[“source -Zeenews”]

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