Rupee Weakens by 17 Paise to 64.29 on Increased Dollar Demand

  • 16-Aug-2017
  • Rupee Weakens by 17 Paise to 64.29 on Increased Dollar Demand

MUMBAI, AUG 16:  The rupee fell 17 paise to 64.29 against the US dollar in early trade due to increased demand for the American currency from importers amid foreign fund outflows.

Forex dealers said the strengthening of dollar against other currencies overseas on strong US sales data weighed on the rupee sentiment. However, a firm domestic stock market limited the rupee losses, they added.

Foreign institutional investors (FIIs) had sold shares worth Rs. 1,638.83 crore on Monday, as per the provisional data.

On Monday, the rupee had closed almost flat at 64.12 a dollar due to emergence of fag-end demand for the American currency. Market had remained closed yesterday on account of Independence Day.

Meanwhile, the benchmark BSE Sensex rose 153.61 points or 0.48 per cent to 31,602.64 in early trade.

Source: Thehindubusinessline.com

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