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      Indian Rupee: Weakens further on increased Dollar demand

      MoM Team / Mumbai, Jun 21, 2017 10:33 AM IST

        Indian Rupee: Weakens further on increased Dollar demand

        The Indian rupee dropped further against the dollar in early trades on Wednesday, 21 June 2017 with a lacklustre domestic stock market casting its shadow on the movement. Increased demand for the American currency from importers and banks meant there was sustained foreign capital outflows, in turn weighing on the rupee. The dollar's weakness against some currencies overseas, however, kept the fall to a minimum.

        The domestic currency opened at Rs 64.62 against the dollar and registered an intraday high and low of 64.595 and 64.6475 respectively so far during the day. In the spot currency market, the Indian unit was last seen trading at 64.6250. Yesterday, the rupee had ended marginally lower by 6 paise to 64.49 against the US dollar in a range-bound trade on fresh bouts of demand for the greenback amid caution among investors ahead of GST rollout from July 1.

        Domestic benchmark indices were trading lower in early trade on negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 56.92 points or 0.18 percent at 31,240.61. The Nifty 50 index was down 25.30 points or 0.26 percent at 9,628.20. Overseas, Asian shares declined following a sell off in energy shares after oil prices slipped around 2 percent overnight.

        Meanwhile, the U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was flat at 97.40. Overnight, the dollar traded close to session highs against a basket of global currencies, as sentiment on the greenback remained positive in the wake of upbeat comments from the Federal Reserve while a slump in the pound supported further upside momentum.

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