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Rupee fails to maintain initial gains, trades at 61.84

Rupee vs dollar

Mumbai, Nov 27 (PTI) The rupee failed to maintain initial gains against the American currency due to mild demand for dollars from banks and importers and was quoted at 61.84 in the late morning trade.

The rupee resumed higher at 61.81 per dollar as against the last closing level of 61.84 at the Interbank Foreign Exchange market on initial selling pressure of dollars from banks and exporters in view of persistent foreign capital inflows into equity market.

However, it failed to maintain initial gains and was quoted at 61.84 on dollar demand from banks and importers.

It hovered in a range of 61.80 and 61.86 per dollar in the morning trade.

In New York market, the ICE US Dollar Index extended its losses yesterday after a stream of weak economic data released over the past two days implied that US economic growth won’t be as strong in the fourth quarter as it was in the third.

Meanwhile, the Indian benchmark Sesnex eased by 11.69 points or 0.04 per cent to 28,374.50 at 1000hrs.

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