Rupee tumbles 12 paise against dollar on US rate hike calls

On Friday, the rupee had staged a smart recovery from its three-week low against the US currency to close up by 23 paise at 66.71 on heavy corporate dollar sales as well as easing inflationary pressure.

By: PTI | Mumbai | Published:October 17, 2016 10:01 am
rupee, rupee value, rupee india, rupee goes up, rupee rate, rupee goes down, rupee vs dollar, rupee trade, rupee rate, india news, business news Rupee (Representational Image)

The rupee turned weak by 12 paise to 66.83 against the dollar on Monday at the foreign exchange market after the American currency gained ground following a spurt in demand from importers.

Dealers said strength in the dollar against some other currencies overseas on the prospects of higher US rates also weighed on the rupee, but a higher opening in the domestic equity market meant the losses were limited.

On Friday, the rupee had staged a smart recovery from its three-week low against the US currency to close up by 23 paise at 66.71 on heavy corporate dollar sales as well as easing inflationary pressure.

The benchmark BSE Sensex rose further by 129.61 points, or 0.26 per cent, to 27,803.21 in early trade today.

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