MUMBAI, JUNE 20: The rupee weakened by 10 paise to 64.53 against the US dollar owing to concerns that the US Fed is not done with raising borrowing costs, which would trigger capital flight from emerging countries, including India.
The US currency’s increasing appeal among importers and banks led to foreign capital outflows.
According to traders, the dollar’s strength against some currencies overseas on Fed’s plan to stick to hiking rates pushed down the rupee.
However, a firm domestic equity market curbed the rupee's further losses.
Yesterday, the rupee had ended flat at 64.43 against the US currency in a fairly range-bound trade.
Meanwhile, the benchmark Sensex rose further 80.96 points or 0.25 per cent to 31,392.53 in early trade.
Source: Thehindubusinessline.com
