Extending its losing streak for the fourth straight day, the rupee weakened by five paise to 61.01 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
Rupee was impacted by renewed dollar demand from banks and importers amid sharp falls in equity market
Forex dealers said besides dollar's gains against other currencies, fresh demand for the American unit from importers and a weak opening in the domestic equity market put pressure on the rupee.
The domestic currency had gained by 80 paise, or 1.19 per cent, in previous five trading days.
Falling for the fourth day in succession, the rupee today dipped by 23 paise to close at nearly three-week low of 59.38 against the dollar amidst the RBI announcing an SLR cut that is expected to release nearly Rs 40,000 crore into markets.
Increased demand for the dollar from importers affected the value of the rupee
The domestic currency tumbled by 45 paise or 0.68 per cent in two days.
The rupee has dropped by 21 paise or 0.32 per cent in the last two sessions.
Forex dealers said dollar's weakness against other currencies overseas supported the rupee.
The domestic currency has gained 9 paise or 0.13 per cent in two days.
The dollar's weakness against some currencies overseas limited the rupee's fall.
The rupee slipped from its initial gains by 5 paise against the US currency to 67.89 in late morning deals on bouts of dollar demand from importers.
The rupee had dropped by 60 paise or 0.89 per cent in previous three trading days.
Extending losses for the second straight day, the rupee declined by 11 paise to close at more than 3-week low of 66.93 against the US dollar.
Rupee down 13 paise to 66.72 against dollar
The rupee fell to more than one-month low of 65.75 against the US dollar on Thursday.
Banks and exporters preferred to reduce their dollar position in view of its weakness.
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The rupee is set to breach the Rs 60-a-dollar mark again this week as the Street expects foreign institutional investors to continue pulling out of domestic markets. According to the street, this would result in government bond yields rising.
The trading range for the Spot USD/INR pair is expected to be within 66.20 to 67.00.
The rupee showed range-bound movement on Wednesday as investors preferred to stay cautious in the unsure market.
The rupee continued to slide against the pound sterling and finished at 102.64 as against 102.25 previously.
The domestic unit moved in a range of 64.14 and 63.99.
The Indian rupee ended slightly lower at 64.01/02 per dollar compared with Tuesday's close of 63.98/99 per dollar due to month-end dollar demand by importers.
The Rupee is seen recovering from its all-time lows against the dollar.
The rupee ended marginally higher by two paise at 62.24 against the dollar on Wednesday.
In line with rally in stocks, the Indian rupee on Monday appreciated for the second straight session and closed with a eight paise gain at a one-week high of 61.36 against the Greenback.
Fag-end selling of dollars by banks and exporters
Fresh selling of dollars by banks and exporters on the back of good foreign capital inflows helped the rupee
The rupee had firmed up 16 paise to close at 67.52 on Thursday.
The rupee recovered by 11 paise to trade at 60.84 against the US dollar in early trade today on selling of the American currency by banks and exporters.
The rupee weakened by 27 paise to trade at six-week low of 60.45 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers.
In forward market, premium for dollar declined in view of mild receivings from exporters.
The rupee on Wednesday snapped its two days of losses and edged up two paise to end at 59.27 against the dollar following late selling of the US currency by exporters.
Recovery in the equity market also boosted the rupee value against the dollar, a forex dealer said
In forward market, premium for dollar continued to fall due to persistent receivings from exporters.
Sustained capital inflows supporting the rupee sentiment, a forex dealer said.
The rupee had jumped by 164 paise or 2.39 per cent in previous six trading days.
A sustained rise in equity market also boosted the rupee sentiment.
Even the persistent rise in equity market failed to restrict the rupee's fall.
Sharp fall in domestic stock market also affected the rupee sentiment.
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