Forex: The rupee continued to decline against the American currency for the second consecutive week, slipping by another 16 paise to close at three-week low of 67.05 per dollar on persistent dollar demand from banks and importers amid rise in crude oil prices.
However, sustained foreign capital inflows restricted the rupee's loss against the dollar, a forex dealer said. Foreign funds pumped in USD 155 million during the week as the SEBI's record.
The rupee opened higher at 66.85 per dollar as against the last weekend's level of 66.89 per dollar at the Interbank Foreign Exchange (Forex) market on initial selling of dollars banks and exporters.
However, it dropped afterwards to three-week low of 67.0650 on fag-end dollar demand from importers in view of rise in crude oil prices before ending the week at 67.05 per dollar, showing a loss of 16 paise or 0.24 per cent.
The rupee had last ended at 67.14 on July 27, 2016. The rupee has dropped by 28 paise or 0.42 per cent in two weeks. The rupee moved in a range of 66.7400 per dollar and 67.0650 per dollar during the week.
Globally, markets turned cautious after a Federal Reserve policy maker said the US economy is strong enough to warrant an increase in interest rates soon.
Brent crude held firmly above USD 50 a barrel in Asian trade at the end of the week as a bullish momentum continued, fuelled by hopes of an output freeze by key producers and data showing robust US demand....