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Rupee Weakens to 64.11 on Fresh Dollar Demand

Date 16-May-2017
Subject Rupee Weakens to 64.11 on Fresh Dollar Demand

MUMBAI, MAY 16: The rupee saw a marginal drop of 6 paise to 64.11 against the US dollar in the opening trade due to fresh demand for the American currency.

However, what limited the rupee’s fall was the dollar's weakness against other currencies overseas and a spectacular opening in domestic equities, traders said.

Yesterday, re-asserting its dominance against the dollar, the rupee shot up 26 paise to end at a fresh 21-month high of 64.05, driven by robust macro data, even as exporters aggressively offloaded the American currency.

The benchmark Sensex hit a fresh intra-day life-time high of 30,424.23 by surging 102.21 points or 0.33 per cent in the opening trade.

Source: Thehindubusinessline.com

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