Rupee slips 2 paise against dollar

The rupee on Wednesday slipped by 2 paise to settle at a fresh seven-month low of 65.66 against the US currency due to sustained dollar demand and forex outflows, extending its fall for a third day amid surging crude prices. The rupee had fallen to a low of 65.79 in early trade but the RBI’s suspected intervention helped the currency recover to a day’s high of 65.59. Incross currency trade, the rupee recovered against the pound sterling to end at 93.31 from the last close of 94.09 and recouped against the Japanese yen to finish at 61.27 per yen from 61.31 yesterday. The home unit remained under pressure against the euro to settle at 81.28 compared to 81.22.