Rupee falters to 1-week low of 66.69 vs dollar

The domestic currency moved in a range of 66.68 and 67.01 per dollar during the day today.

The rupee continued to decline against the American currency for the third consecutive day by slipping another 4 paise to close at 1-week low of 66.69 per dollar after touching more than two-year low of 67.01 during the intra-day deals. 

Sustained capital outflows, fall in equities amid subdued domestic macro-data along with sudden spurt in crude also affected the rupee value against the dollar, a forex dealer said. 

The rupee resumed lower at 66.95 per dollar as against the yesterday's closing level of 66.65 at the Interbank Foreign Exchange market and dropped further to more than two-year low of 67.01 on initial dollar demand from banks and importers on the back of higher greenback overseas. 

However, it recovered from initial losses to 66.68 on mild selling of dollars by exporters, before ending at 66.69, showing a loss of 4 paise or 0.06 per cent. 

The local currency has lost 20 paise or 0.30 per cent in three days. The rupee had last touched 68.62 on September 4, 2013 during the intra-day trade and ended at 67.07 per dollar on the same day. 

The domestic currency moved in a range of 66.68 and 67.01 per dollar during the day today. 

The dollar index rose by 0.42 per cent against a basket of six currencies in the late afternoon trade. 

Pramit Brahmbhatt, Veracity Group CEO, said, "Today the USD opened on a positive note on back of positive US Economic Data (Unemployment Claims), but could not sustain at higher levels. The rupee depreciated by 4 paisa and close at 66.69 levels for the day. 

Trading range for the spot USD/INR pair is expected to be within 66.25 to 67 levels.