Rupee Tumbles 12 Paise Against Dollar on US Rate Hike Calls
Representative Image (Reuters)
Mumbai: The rupee turned weak by 12 paise to 66.83 against the dollar on Monday at the foreign exchange market after the American currency gained ground following a spurt in demand from importers.
Dealers said strength in the dollar against some other currencies overseas on the prospects of higher US rates also weighed on the rupee, but a higher opening in the domestic equity market meant the losses were limited.
On Friday, the rupee had staged a smart recovery from its three-week low against the US currency to close up by 23 paise at 66.71 on heavy corporate dollar sales as well as easing inflationary pressure.
The benchmark BSE Sensex rose further by 129.61 points, or 0.26 per cent, to 27,803.21 in early trade on Monday.
Recommended For You
- Won't Let Virat Kohli Settle Into Rhythm, Says England Pacer Ball
- Watch: How People Closest to Us, Transform Us in a Moment
- Bangladesh Hit New Low in Test Cricket - We Tell You How
- Hero Achiever 150 Review: Smart Features And Easy Riding
- Samsung Galaxy S8 Revealed: Price, Specs And Everything Else You Need to Know