Rupee snaps 4-day winning run, falls 18 paise to 67.45

MUMBAI(PTI):Snapping its four-day winning spree against the American currency, the rupee on Tuesday dropped by 18 paise to close at 67.45 on fresh dollar demand from banks and importers on the back of higher greenback overseas amid fall in equities.

The rupee opened lower at 67.32 as against Monday’s closing level of 67.27 at the Interbank Foreign Exchange (Forex) market and dropped further to 67.5150 before finishing at 67.45 per dollar, still showing a loss of 18 paise or 0.26 per cent.

The rupee had gained by 68 paise or 1 per cent in the previous four days.

The domestic unit hovered in a range of 67.32 and 67.5150 during the day.

Meanwhile, the RBI fixed the reference rate for the dollar at 67.4028 and euro at 75.0328.

In cross-currency trades, the rupee firmed up further against the pound sterling to finish at 88.67 from 89.31 yesterday while fell against the euro to 75.27 from 74.88.

The domestic currency also moved down against the Japanese yen to 66.26 per 100 yens from 65.58.

In the global market, the U.S. dollar index, which tracks the greenback against a basket of six rival currencies was trading up by 0.08 per cent in the late afternoon trade.

Investors fled anything considered a risky asset on Tuesday sending the pound sharply lower and the yen rallying, as fears over the Brexit fallout again took a toll on markets.

Meanwhile, the benchmark Sensex dropped by 111.89 points or 0.41 pct to close at 27,166.87 on Tuesday.

Posted by on July 5, 2016. Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.