Rupee Takes More Losses, Sheds 10 Paise Against Dollar

REPRESENTATIONAL IMAGE

Mumbai: The rupee weakened by 10 paise to trade at a fresh 15-month low of 67.37 against the US dollar in early trade today due to appreciation of the American currency overseas amid sustained foreign capital outflows and soaring global crude prices.

This is the rupee’s second straight slide, which dealers say is mostly due to demand for the US currency.

However, a higher opening in the domestic equity market capped the losses.

The dollar held firm against a basket of currencies overseas after the 10-year US bond yield rose back to the psychologically important 3 per cent mark and investors looked to US consumer price data due later to show an acceleration in inflation.
The rupee had closed 19 paise lower at a 15-month low of 67.27 yesterday against the US currency following a surging demand for the dollar as crude oil prices zoomed past USD 77 per barrel level.

Meanwhile, the benchmark Sensex rose by 128.08 points, or 0.36 per cent, to 35,447.43 in early trade.

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