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Rupee Ends At 4-Week Low Against Dollar At 68.24

Rupee continues to trade negative with low volatility due to higher dollar overseas amid sustained capital outflows, a forex trader said

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1482930766_O0JLTD_Rupee_Mumbai_Bank_Reu.jpg

Exending losses against the American currency, the Indian rupee dropped by another 18 pasie to close at 4-week low at 68.24 per dollar on month-end dollar demand from importers coupled with firm dollar in the overseas market.

Sustained foreign capital outflows also affected the market sentiment, a forex dealer said.

The Indian rupee opened lower at 68.10 as against the last closing level of 68.06 at the Interbank Foreign Exchange (Forex) Market and dropped further to 68.25 per dollar before ending at 4-week low of 68.24 per dollar, showing a loss of 18 paise or 0.26 per cent.

The rupee had last ended at 68.34 per dollar on December 1, 2016.

The rupee has lost 50 paise or 0.74 per cent against the dollar in two days.

The domestic unit hovered between 68.09 per dollar and 68.25 per dollar during the day.

"Rupee continued to trade negative with low volatility due to higher dollar overseas amid sustained capital outflows," a forex trader said.

Meanwhile, the dollar index was trading higher by 0.32 per cent against a basket of six currencies in the late afternoon trade.

Overseas, the dollar inched up against the yen today after upbeat US economic data reinforced expectations for economic growth under Donald Trump's Administration and more rate hikes by US Federal Reserve next year.

Meanwhile, the Indian benchmark sensex ended barely steady at 26,210.68.

(PTI)


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rupee dollar forex