Caught in a downward spiral for the third straight session today, the rupee fell by another 8 paise to end at a fresh one-month low of 64.63 against the US currency amid sustained dollar demand from importers.
This is the lowest closing for the domestic currency since May 30.
The rupee resumed sharply higher by 9 paise at 64.46 versus the dollar as against Wednesday’s closing value of 64.55 at the Interbank Foreign Exchange Market.
It strengthened further to 64.44 on bouts of dollar selling by exporters and banks and also supported by higher domestic equities.
However, the local unit succumbed to heavy dollar demand in mid-afternoon trade to reverse its strong rising momentum.
After retracing session’s low of 64.65 towards the fag- end trade, it finally ended at 64.63, revealing a loss of 8 paise.
Currency traders also preferred to stay on sidelines ahead of the GST rollout from July 1.
The government has planned a special midnight session of Parliament on 30 June to rollout the landmark tax regime.