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Rupee ends 26 paise down at 65.75 against USD

During the day, rupee hovered in the range of 65.60 and 65.77.

Rupee ends 26 paise down at 65.75 against USD

Mumbai: The rupee fell to more than one-month low of 65.75 against the US dollar Thursday on fresh demand for the American currency from banks and importers amid higher greenback in overseas markets.

Besides, sharp fall in equity markets affected the value of the rupee.

The local currency opened sharply lower at 65.60 against yesterday's level of 65.49 at the Interbank Foreign Exchange (Forex) market and dropped further to 65.77 before finishing at more than one-month low at 65.75, showing a loss of 26 paise or 0.40 percent.

The rupee had ended at 65.96 on September 29, 2015.

During the day, it hovered in the range of 65.60 and 65.77.

The dollar index traded higher by 0.09 percent against a basket of six currencies in late afternoon trade.

In overseas markets, the US dollar moved firmly higher against other major currencies today, building on the prior day's gain that came after hawkish comments from Federal Reserve chair Janet Yellen.

The suggestion by several Fed officials that the US central bank may start raising rates in December has fueled dollar buying in recent sessions.

Meanwhile, the benchmark BSE Sensex ended lower by 248.72 points, or 0.94 percent, at 26,304.20.

In Asian trade, the US dollar stood at three-month highs against a basket of major currencies following a jump in US Treasury yields as Federal Reserve officials emphasised that a December "liftoff" in US rates is a distinct possibility.

Veracity Group CEO Pramit Brahmbhatt said, "The rupee traded weak today, taking cues from low local equities, which closed down on a weak note."

Investors traded cautiously ahead of US unemployment claims data lined up for the day which forced the rupee to depreciate.

The trading range for the Spot USD/INR pair is expected to be within 65.40 to 66.20.

In forward market today, premium for the dollar dropped further on sustained receivings from exporters.

The benchmark six-month premium payable in April eased further to 203.5-205.5 paise from 208-210 paise previously and far forward October 2016 contract also moved down further to 411-413 paise from 417-419 paise.

The RBI fixed the reference rate for the dollar at 65.6755 and for the euro at 71.3499.

The rupee fell against the pound sterling to finish at 101.11 from 100.98 previously and firmed up further against the euro to 71.37 from 71.53.

The domestic currency also moved up against the Japanese unit to 53.93 per 100 yen from 54.02.

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