Rupee is trading at 70.24 against dollar on increased demand for American currency from importers and banks.
The rupee has suffered significant losses this year but the worst seems to be over and the domestic currency is expected to be in the range of 67-68 against the US dollar by December, according to an economist with HDFC Bank.
Mumbai: The rupee weakened by 13 paise to 70.24 against the US dollar in opening trade on Friday on increased demand for the American currency from importers and banks.
Forex dealers said a firm dollar in overseas markets, ahead of Federal Reserve Chairman Jerome Powell speech at the annual global central bank conference in Jackson Hole later in the day, weighed on the rupee.
On Thursday, the domestic currency had lost 30 paise to end at 70.11 against the greenback due to renewed worries about a hike in US interest rates and rising global trade war jitters.
Meanwhile, the benchmark BSE Sensex retreated from record high by falling 48.88 points, or 0.13 per cent, to 38,287.78 in early trade on Friday.
( Source : PTI )
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