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The rupee posted its biggest single-day fall in more than two months, ending 32 paise weaker at 59.04 to the dollar on the back of continued profit-taking in domestic shares and month-end dollar demand from importers. In intra-day trade, the domestic unit touched a high of 58.79 and a low of 59.11. “The rupee was markedly paring its gains against the American unit on the back of genuine dollar demand by corporates to pay import bills. Expectations that the central bank would not allow the rupee to appreciate further also led to increased demand for the greenback,” said Abhishek Goenka, Founder and CEO, India Forex Advisors.
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