The dollar also gained strength against other currencies in the overseas markets.
The rupee resumed lower at 55.88 a dollar from Tuesday's closing level of 55.65 at the Interbank Foreign Exchange (Forex) Market. It moved between 55.88 and 56.04 in the morning trade, before quoting at 56 at 1040 hrs.
Sustained demand from banks and importers and higher dollar in the New York market mainly affected the rupee value, a forex dealer said.
The US dollar rose yesterday in New York, pushing the euro to its lowest level since July 30 as, dealers said, the US economic data reduced chances of Federal Reserve's easing monetary policy.
Meanwhile, the BSE 30-stock index, Sensex, was trading weak -- down 33 points or 0.19 per cent.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app