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Rupee loses nearly 8 paise

MUMBAI: The rupee on Monday closed sharply lower against the U.S. currency due to heavy dollar demand following lack of fund inflow after a crash in stock prices.

In active trading at the interbank foreign exchange market, the Indian unit opened low at 46.24/26 a dollar against last Friday's close of 46.2250/2350. Thereafter, it moved in a range of 46.2300 and 46.3100, before closing at 46.30/31.

The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 46.27 and for the single European unit at Rs. 58.72 per euro. — PTI

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