Rupee falls to 61.42 per dollar, recent gains overdone

The rupee fell on Wednesday as dealers found recent gains overdone. The rupee dollar pair slipped as much as 61.42 versus Tuesday's close of 61.04/05.

"The recent rupee up move appears to be overdone. Let us come back to basics and fundamentals," the chief of dealing at a private bank said.

Foreign funds bought Indian cash shares of $64.82 million on Tuesday.

The dollar wobbled near a six-week low against a basket of currencies on Wednesday, hampered by a growing view that the Federal Reserve needs more positive economic data before it decides to start reducing its monetary stimulus.

Almost all Asian currencies trading stronger compared with the dollar.

Copyright Thomson Reuters 2013