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Hit by month-end dollar demand from importers, the rupee today dropped by another 18 paise against the American currency to close at 66.16, extending losses for the fourth straight day, amid mixed global cues.
Sustained foreign capital outflows also affected the market. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,330.12 crore yesterday, as per provisional data released by the stock exchanges.
The rupee resumed sharply lower at 66.20 as against overnight level of 65.98 at the Interbank Foreign Exchange market.
It hovered in a range of 66.2725 to 66.0350 during the day, before ending at 66.16, showing a loss of 18 paise or 0.27 per cent.
The rupee has dropped by 49 paise or 0.75 per cent in four days.
The dollar index was down by 0.40 per cent as against a basket of six currencies.
In global market, the yen rose today in Asia because market participants sought safety amid global economic uncertainty and ahead of a speech by U.S. Federal Reserve Chairwoman Janet Yellen.
Concerns continued about a global economic slowdown and uncertainty over the timing of the U.S. central bank’s potential interest rate increases.
Pramit Brahmbhatt, Veracity Group CEO said,” Today also the rupee depreciated for the fourth consecutive day and weakened more than quarter per cent to trade comfortably over 66 levels, as month-end dollar demand from oil importers forced rupee to trade low and to end the day at 66.16.”
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