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Rupee near 13-month lows on sustained dollar demand by importers

The rupee trimmed its early losses but was still down by 8 paise at 63.75 against the US dollar this morning. Sustained demand for the American currency from importers as well as its strength against other global currencies saw the rupee pinned near 13-month lows. 

The rupee resumed lower at 63.72 as against yesterday’s closing level of 63.67 at the Interbank Foreign Exchange (Forex) market.

Later, it fell sharply to 63.77 per dollar, and was quoting at 63.75 per dollar at 1030 hrs. It moved in a range of 63.72-63.77 per dollar during morning trade.

In New York, the US dollar ruled higher against its major rivals in early trade and hovered near a 29-month high against the euro after a Greek vote triggered the dissolution of the country’s parliament and anxiety about potential trouble ahead for financial markets.

Meanwhile, the BSE 30-stock index, Sensex, was trading almost flat, marginally up by 1.92 points, or 0.01% to 27,397.65 in late morning trade.

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