Forex Market News

Rupee Slides 13 Paise To 66.81 vs US Dollar

The rupee snapped its two-day rise against the US dollar and ended lower by 13 paise at 66.81 on fresh bouts of dollar demand from banks and importers. Heavy capital outflows along with a smart rebound in dollar value in the midst of impending Fed rate hike largely kept rupee under pressure throughout the day.
The dollar recouped recent loses helped by bullish comments from one of the most influential officials on the Federal Reserve. However, the overall mood remained fairly calm as investors looked ahead to the European Central Bank’s interest rate decision later in the day alongside eurozone’s monetary guidance.
At the Interbank Foreign Exchange (Forex) market, the rupee resumed virtually steady at 66.68 per dollar largely helped by a relatively strong opening of the domestic equity market.
But weighed down firm greenback overseas, the home unit immediately started to weaken and kept descending.It touched a fresh intra-day low of 66.8350 in mid-afternoon deals before ending at 66.81, showing a loss of 13 paise or 0.19 per cent.
It had appreciated by a good 20 paise in two trading days. In worldwide trade, the American dollar traded with solid strength against all major emerging currencies after the third and final US presidential debate between Democrat Hillary Clinton and Republican Donald Trump.
The euro was trading near a three-month low against the dollar before an European Central Bank meeting.
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