Millennium Post

Rs dips 30 paise to 61.35 per dollar

Snapping a four-day gaining spree, the rupee on Friday fell by 30 paise to close at 61.35 against the dollar on fresh demand for the US currency from banks and importers due to firm dollar overseas and sharp fall in local equities.

The local currency rupee resumed lower at 61.15 per dollar as against Thursday’s closing level of 61.05 at the Interbank Foreign Exchange (Forex) and dropped further to 61.36 per dollar before concluding the day at 61.35 per dollar, a loss of 30 paise or 0.49 per cent. It had gained by 70 paise, or 1.13 per cent, in the last four days.

It moved in a range of 61.11 and 61.36 per dollar during the day. ‘Rupee today traded weak taking cues from strong dollar overseas and weak local equities. After depreciating for four continuous weeks, rupee posted its first weekly gain this week,’ said Pramit Brahmbhatt, CEO, Veracity Group.

Meanwhile, foreign portfolio investors (FPIs) continued pulling out from domestic markets and sold shares worth Rs 719.77 crore on Friday.

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