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The rupee was trading weak at 62.01 against the dollar at 4 pm local time due to dollar demand from importers.
The rupee resumed lower at 61.96 per dollar against yesterday’s closing level of 61.88 per dollar and moved down further to 62.05 per dollar. The domestic unit hovered in the range of 61.91-62.05 per dollar during the afternoon trade.
In New York, the US dollar weakened against its major rivals yesterday despite more indicators of weak economic growth outside the US, as a sell-off in global equities forced investors to book profits elsewhere.
Crude oil prices fell in Asia today as dealers await the latest US supply report for clues about production levels, while weak Chinese and German trade data also weighed, analysts said.
US benchmark West Texas Intermediate for January delivery slipped 90 cents to $62.92, while Brent crude for January was down $1.01 at $65.83 in mid-morning trade.
Meanwhile, India’s CAD – a measure of the country’s external vulnerability – rose to 2.1 per cent of GDP in the second quarter from 1.7 per cent in the first quarter.
According to dealers, the widening current account deficit and dollar demand from importers had hurt the sentiment for rupee.
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