The Indian rupee on Friday lost eight paise against dollar to a two-month low of 39.6150 on the back of good demand from banks for the greenback in the face of lacklustre trading in the stock markets.
Forex dealers said lack of any major direction due to a holiday in most of the Asian countries on account of Lunar New Year also somewhat impacted negatively on the rupee.
A sustained pull-out by FIIs from equities also weighed on the rupee, they added.
Meanwhile, the dollar rallied to fresh two-week high against its major rivals on Thursday.
The rupee’s fall today follows its weakness earlier this week. The local currency ended lower on Monday and Tuesday by 10 paise and 11 paise respectively.
Besides, refunds from the IPOs also added to the local demand for dollar, they added.
The domestic unit opened steady at 39.53/55 a dollar from yesterday’s close of 39.53/54. It touched a high of 39.50 on early recovery in benchmark Sensex.
However, it dropped to a low of 39.65 before concluding the day at 39.6150/6250 a dollar.
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