Rupee extends losses for the 2nd day vs USD, dn 14 points

Mumbai: Extending losses for the second consecutive day against the American currency, the Indian rupee dropped by another 14 paise to close at 67.02 per dollar on persistent dollar demand from banks and importers coupled with higher dollar in the overseas market.

However, good foreign captial inflows into equity market restricted the rupee’s losses against the dollar, a forex dealer said. The rupee resumed lower at 66.90 per dollar as against the last Friday’s closing level of 66.88 at the Interbank Foreign Exchange market. Later, it declined further to 67.0350 before ending at 67.02 per dollar, showing a loss of 14 paise or 0.21 per cent.

The rupee has dropped by 17 paise or 0.25 per cent in two days. The domestic unit hovered in a range of 67.0350 and 66.90 in late morning deals. The dollar index was trading down by 0.22 pct against a basket of six currencies in the late afternoon trade.

Overseas, the British pound stood out as one of the strongest major currencies today, bucking an otherwise broadly move higher for the dollar, which got a lift after a meeting between U.S.President Donald Trump and the Japanese leader went off without a hitch.