A lower opening in the domestic equity market put pressure on the rupee.
The rupee resumed lower at Rs 50.40/41 per dollar on the Interbank Foreign Exchange.
Equity benchmarks began the week on a downbeat note on Monday, weighed by heavy selling in market heavyweight Reliance Industries and persisting weakness in global bourses. The rupee plunged to its lifetime low against the US dollar amid unabated foreign fund outflows, underscoring the risk-off sentiment prevailing globally as central banks embark on policy tightening to tame soaring inflation. Slipping for the second straight session, the 30-share BSE Sensex shed 364.91 points or 0.67 per cent to close at 54,470.67.
The Indian rupee was down by 44 paise at a fresh two-year low of Rs 48.25 per United States dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers on the back of dollar firmness in overseas market.
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The rupee had ended 12 paise higher at 63.70 on Monday.
Indian government bonds, particularly those of shorter maturity, strengthened sharply on Monday, as the collapse of the California-based Silicon Valley Bank (SVB) prompted investors to rush to the safety of American debt, leading to a decline in US bond yields.
The dollar firmed up against some global currencies.
The rupee had lost 6 paise to close at 55.80 against the Greenback yesterday on persistent dollar demand amid stronger trend overseas.
On Tuesday, the rupee closed lower by 13 paise at 67.27.
Dollar's weakness against other currencies in the global market made the local unit stronger.
The domestic unit closed lower by 6 paise at 66.71.
He based his optimism on hedging tools available.
In the global market, dollar fell against most of its rivals on Monday.
The dollar index was down by 0.02 per cent against a basket of six major currencies.
Rupee weakened by 10 paise to end at 66.14 against the dollar due to month-end demand from importers and banks.
On Monday, the rupee had moved up by 3 paise.
The dollar was weak against major world currencies.
The rupee resumed lower at Rs 53.54/55 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 53.23/24 per dollar, and declined further to a record low of Rs 53.80 against the American currency before quoting at Rs 53.60/61 per dollar at 1030 hours.
There was fresh selling of the American currency by banks and exporters
The US dollar index was up by 0.16 per cent at 96.53.
"Commerce ministry pushes for all these things. There is no proposal to devalue," a top finance ministry official said. "Exporters would have come to the commerce ministry with this issue. However, there is nothing to discuss from our side."
The rupee hovered in a range of 63.75 and 63.84.
Therupee staged a smart rebound from its low towards the fag-end trade on dollar selling as well as suspected intrusion by the Reserve Bank to end steady at 63.39.
The rupee had firmed up by 28 paise to close at 3-week high of 66.97 in Monday's trade.
Rupee edges higher against dollar at close.
The Indian rupee on Monday appreciated by 16 paise against the American currency in early trade on hopes of increased capital inflows from foreign funds boosted by last week's rally in the stock markets.
The domestic currency has tumbled by 104 paise, or 1.63 per cent, in last six trading days.
The trading range is expected to be within 63.00 to 63.80.
The rupee had hit a record low of 68.85 in August 2013.
The rupee had ended 5 paise lower at 67.49 on Monday.
The rupee had advanced 7 paise to end at 65.51 on Thursday.
The rupee on Tuesday lost another 15 paise against the US dollar to close at 65.88
On Monday, the rupee had lost 14 paise to close at 66.62 against the US dollar.
Global liquidity has gone down a little. What seems to have tipped the balance is a sudden realisation in the markets that the rising cost of cash would hurt global growth. That, in turn, would impinge on the demand for commodities and high-yielding currencies, says Abheek Barua.
The dollar index surged to multi-year high.
The rupee ended steady against the American currency at 66.19 per dollar at the Interbank Foreign Exchange here today in view of steady dollar in the overseas market.
The rupee closed almost flat at 65.76 against the US dollar on some demand for the American currency from banks.
Rupee is under pressure against the dollar on weak cues.
The greenback's strength against other Asian currencies and lacklustre local equity markets made the rupee depreciate.
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