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Rupee tumbles 12 paise against dollar on US rate hike calls

Press Trust of India  |  Mumbai 

The rupee turned weak by 12 paise to 66.83 against the dollar today at the foreign exchange market after the American currency gained ground following a spurt in demand from importers.

Dealers said strength in the dollar against some other currencies overseas on the prospects of higher US rates also weighed on the rupee, but a higher opening in the domestic equity market meant the losses were limited.

On Friday, the rupee had staged a smart recovery from its three-week low against the US currency to close up by 23 paise at 66.71 on heavy corporate dollar sales as well as easing inflationary pressure.

The benchmark rose further by 129.61 points, or 0.26 per cent, to 27,803.21 in early trade today.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 17 2016. 09:48 IST