Rupee Ends Lower at 64.16 on Dollar Demand

Mumbai: Continuing its fall for the third straight day, the rupee slipped by 10 paise against the American unit to 64.16 on persistent dollar demand from banks and importers amid a strong greenback in the global market.

Sustained capital outflows also weighed on the rupee sentiment, brokers said.

However, a rise in the equity market restricted rupee's fall to some extent, a forex dealer said. The Sensex rose by 161.25 points, or 0.61 per cent, on account of strong factory output, steady inflation and above-normal monsoon till now.

The domestic unit opened lower at 64.15 from its previous close of 64.06 at the interbank foreign exchange market and hovered in a range of 63.9925 and 64.1750 before finishing at 64.16 per dollar, a loss of 10 paise or 0.16 per cent.

The rupee has shed 32 paise or 0.50 per cent in last three sessions.

Globally, the dollar was higher against the major rivals in early trade ahead of the key Federal Open Market Committee (FOMC) meet amid deadlock between Greece and its creditors broke up in failure over the weekend.

Meanwhile, foreign investors pulled out Rs 670.96 crore last Friday, provisional data showed.

Crude oil prices fell in Asia on Monday as dealers fretted over a collapse in Greece's debt talks and a possible return of Iranian supplies disrupted by international sanctions, analysts said.

The US benchmark West Texas Intermediate for July delivery fell 20 cents to $59.76 while Brent crude for July eased 37 cents to $63.50 in mid-morning trade.