Rupee Slips 3 Paise On Increased Demand For US Dollar
MUMBAI: Continuing its slide, the rupee weakened by 3 paise to 73.64 against the US dollar Friday due to increased demand for the American currency from importers. At the Interbank Foreign Exchange, the rupee opened lower at 73.62 and slipped further to 73.64 against the dollar, showing a fall of 3 paise. Traders said besides sustained demand of the US currency from importers, a lower opening in the domestic equity markets also weighed on the local unit. The losses in the domestic currency were, however, limited as the US dollar weakened against some currencies overseas.
On Wednesday, the local currency had ended lower by 13 paise to 73.61 against the US dollar.
Forex market remained shut on Thursday on account of "Dussehra".
Meanwhile, on a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.
The benchmark BSE Sensex fell 408.45 points, or 1.17 per cent, to 34,371.13 in the opening trade.
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