Rupee down by 4 paise at 66.08 following fresh demand for USD
facebooktwitter

Rupee down by 4 paise at 66.08 following fresh demand for USD

The rupee opened almost flat at 66.03 per dollar against Thursday's closing level of 66.04 at the Interbank Foreign Exchange (Forex) market.

 PTI   
  • Mumbai,  August 31, 2015  
  • |  
  • UPDATED   14:58 IST
Picture for representational purpose only
Picture for representational purpose only

The rupee slipped by four paise to 66.08 per dollar in late morning deals following fresh demand for the US currency from banks and importers on the back of higher dollar overseas.

The rupee opened almost flat at 66.03 per dollar against Thursday's closing level of 66.04 at the Interbank Foreign Exchange (Forex) market.

It moved in a range 66.16 to 66.02 during the morning deals before quoting 66.08 at 1030hrs.

The dollar index was trading down 0.08 per cent at 95.69 against a basket of six currencies in the early trade.

"US GDP data suggests that economic conditions are getting better and on the right track. Taking cues from Indian equities opening positively, while profit booking at higher level may cap the gain." dealer said.

"Rupee is also expected to trade strong, supported by local equities, the range for the rupee between 65.60-66.60 per dollar," he added.

Crude extended gains in Asia following a 10 per cent price surge in the previous session fuelled by strong US economic data.

At the New York market, the dollar rose for a third straight day yesterday after the Commerce Department revised second-quarter gross domestic product growth upward to 3.7 pct from 2.3 per cent.

Meanwhile, the benchmark BSE Sensex was trading up by 445 points or 1.70 per cent at 26,676.16 at 1030 hrs.