₹loses steam, crumbles by 24p to 64.08 per $

In line with domestic equities, the rupee on Thursday tumbled by 24 paise to hit a fresh one-week low of 64.08 against the American currency on heavy demand for the American currency from corporates and importers.

After hitting a fresh 2-year high against a broadly week American currency last week, the domestic currency has surrendered all its gains in the recent spell of downtrend.

At the interbank foreign exchange (forex) market, the rupee opened lower at 63.95 against Wednesday's close of 63.84 following sustained dollar demand.

It lost furher ground as the mid-week trading progressed and tumbled to a low of 64.09 before ending at 64.08, revealing a steep loss of 24 paise, or 0.38 per cent.