Indian Rupee declined by ten paise, continuing the losses for the fourth straight session. It logged a 13-month low, closing at 63.67 against the US dollar following sustained demand for dollar from importers.
This fall comes despite certain restriction in the fall from firm local equities, fresh capital inflows and some weakness in dollar overseas.
At the Interbank Foreign Exchange (Forex) market, the Indian rupee commenced lower at 63.66 a dollar from last Friday’s close of 63.57.
Rupee was later trapped in a narrow range of 63.62 and 63.71 before concluding at 63.67, a fall of 10 paise or 0.16 per cent. This is the weakest close since 63.71 on November 12, 2013.
According to a latest report by HSBC, Asian currencies are expected to weaken against the USD in 2015, but Indian Rupee would be more resilient than its Asian counterparts.