Business Other News 17 Oct 2016 Rupee tumbles 12 pai ...

Rupee tumbles 12 paise against dollar on US rate hike calls

PTI | DECCAN CHRONICLE
Published Oct 17, 2016, 10:21 am IST
Updated Oct 17, 2016, 10:26 am IST
Dealers said strength in the dollar against some other currencies overseas on the prospects of higher US rates also weighed on the rupee.
On Friday, the rupee had staged a smart recovery from its three-week low against the US currency to close up by 23 paise at 66.71 on heavy corporate dollar sales as well as easing inflationary pressure.
 On Friday, the rupee had staged a smart recovery from its three-week low against the US currency to close up by 23 paise at 66.71 on heavy corporate dollar sales as well as easing inflationary pressure.

Mumbai:The rupee turned weak by 12 paise to 66.83 against the dollar today at the foreign exchange market after the American currency gained ground following a spurt in demand from importers.

Dealers said strength in the dollar against some other currencies overseas on the prospects of higher US rates also weighed on the rupee, but a higher opening in the domestic equity market meant the losses were limited.

On Friday, the rupee had staged a smart recovery from its three-week low against the US currency to close up by 23 paise at 66.71 on heavy corporate dollar sales as well as easing inflationary pressure. The benchmark BSE Sensex rose further by 129.61 points, or 0.26 per cent, to 27,803.21 in early trade today.

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