The Indian rupee extended its losses for the second day in a row,
declining by 37 paise to 62.94 against the US dollar in late morning
trade, on sustained demand for the US currency from banks and importers.
The rupee resumed lower at 62.85 per dollar against the last closing
level of 62.57 at the Interbank Foreign Exchange (Forex) Market and
dropped further to 62.98 before quoting at 62.94 at 10.40 am. It hovered
in a range of 62.79 and 62.98 per dollar during the late morning deals.
Banks and importers preferred to increase their dollar position on the
back of firm dollar in overseas market.
In New York market, the US dollar rose against the euro on Wednesday
after the Federal Reserve minutes suggested more willingness among
officials to slow its bond buys, at the same time the European Central
Bank is mulling a potential deposit-rate cut into negative territory if
more economic stimulus is needed.
The BSE Sensex dropped by 245.43 points, or 1.19 per cent, to 20,389.70
at the same time.
Indian rupee down 37 paise at 62.94 vs US dollar
The Indian rupee extended its losses for the second day in a row,
declining by 37 paise to 62.94 against the US dollar in late morning
trade, on sustained demand for the US currency from banks and importers.
The rupee resumed lower at 62.85 per dollar against the last closing
level of 62.57 at the Interbank Foreign Exchange (Forex) Market and
dropped further to 62.98 before quoting at 62.94 at 10.40 am. It hovered
in a range of 62.79 and 62.98 per dollar during the late morning deals.
Banks and importers preferred to increase their dollar position on the
back of firm dollar in overseas market.
In New York market, the US dollar rose against the euro on Wednesday
after the Federal Reserve minutes suggested more willingness among
officials to slow its bond buys, at the same time the European Central
Bank is mulling a potential deposit-rate cut into negative territory if
more economic stimulus is needed.
The BSE Sensex dropped by 245.43 points, or 1.19 per cent, to 20,389.70
at the same time.