The rupee depreciated 10 paise to 64.51 against the US dollar in early trade today at the interbank foreign exchange due to appreciation of the American currency overseas. Dealers also attributed the rupee’s fall to increased month-end demand for the US currency from importers.
Domestic equity markets were flat in early trade. Yesterday, the rupee had gained further ground against the US currency and finished at a new two-month high of 64.41, appreciating by 9 paise after sustained dollar unwinding by exporters and corporates.
The dollar held firm on Wednesday against a basket of currencies after Wall Street shot to record peaks amid signs of progress on U.S. tax cuts. Against a basket of currencies, the US dollar was steady at 93.233 and off a two-month trough of 92.496 touched on Monday.
The dollar likewise edged up to 111.57 yen and away from a 10-week low of 110.85, while the euro backed off to $1.1844.
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