Retreating from three-week highs, the Indian rupee today slid 8 paise to end at 61.83 on month-end dollar from importers and some banks ahead of Union Budget.
The rupee resumed lower at 61.85 per dollar as against the yesterday’s closing level of 61.75 per dollar at the Interbank Foreign Exchange (Forex) Market. It dropped further to 61.91 per dollar on good dollar demand from importers.
However, the domestic currency recovered to 61.75 on selling of dollars by banks and exporters in view of strong foreign capital inflows in view of firm equity market before finishing at 61.83 per dollar, showing a loss of 8 paise or 0.13 per cent.
The local currency had gained by 56 paise or 0.90 per cent in the previous three days and closed at levels last seen on February 6.
“Rupee depreciated marginally due to rise in dollar value against other currencies overseas.
Sporadic dollar purchases by importers amid talks of RBI presence also weakened the rupee,” said Admisi Forex, Director, Suresh Nair.
