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Rupee drops by 14 paise to 64.69 on FII outflows

Rupee drops by 14 paise to 64.69 on FII outflows

The rupee dropped by 14 paise to 64.69 against the dollar at the interbank forex market today due to fresh foreign fund outflows.

Traders said fresh demand for the US currency from importers and a weak domestic equity market weighed on the rupee.The dollar’s weakness against some currencies overseas, however, restricted the rupee's fall, they added.

Foreign investors had pulled out around Rs. 9,690.84 crore from equity markets on Friday.

On Friday, the rupee closed at a fresh six-week high of 64.55 against the American currency.

Meanwhile, the benchmark BSE Sensex fell 97.19 points or 0.28 per cent to 33,588.37 in early trade.

Source:- thehindubusinessline.com

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