Rupee logs more losses against dollar

The prospects rose that the Federal Reserve will raise interest rates by the end of this year, which led to the dollar getting an upper hand against other currencies overseas.

By: PTI | Mumbai | Published:October 28, 2016 10:13 am
Rupee, value of rupee, rupee against the dollar, business news, market news, latest news, indian express The prospects rose that the Federal Reserve will raise interest rates by the end of this year, which led to the dollar getting an upper hand against other currencies overseas.

The rupee started off marginally lower by 2 paise at 66.89 against the dollar today, extending its weakness for the third straight day, on spurt in month-end demand for the American currency from importers and banks. The prospects rose that the Federal Reserve will raise interest rates by the end of this year, which led to the dollar getting an upper hand against other currencies overseas.

On top of it, a lower opening in domestic equities put pressure on the rupee, dealers said. Yesterday, the rupee had closed 4 paise lower at 66.87 against the US currency on steady demand for the American unit.

Meanwhile, the benchmark BSE Sensex fell 105.90 points, or 0.37 per cent, to 27,810 in early trade today.