Rupee snaps 7-day winning spree vs US dollar, down 7 paise

The Indian rupee on Wednesday snapped its seven-day winning spree against the Greenback, declining 7 paise to end at 62.33 on month-end dollar demand from banks and importers.

The rupee's longest run of gains since June 2011 ended amid renewed dollar demand in view of a higher dollar in the international market, a forex dealer said.

The rupee resumed lower at 62.32 per dollar as against Tuesday's closing level of 62.26 at the Interbank Foreign Exchange Market.

It hovered in a range of 62.27 and 62.4350 per dollar, before finishing at 62.33, disclosing a fall of seven paise or 0.11 per cent.

The rupee had gained by 71 paise or 1.13 per cent in the preceding seven straight sessions.

The US dollar drifted lower against the euro and the yen in Asia on Tuesday, with investors appearing reluctant to take strong positions amid a lack of fresh market-moving news.

The dollar index, a gauge of six major global rivals, was down by 0.42 per cent on Wednesday.