The rupee dropped by 23 paise to settle at one—week low of 53.91 against the Greenback on heavy dollar demand from importers amid some hesitancy in local stocks.
The rupee commenced weak at 53.85 a dollar from last Thursday’s close of 53.68 at the Interbank Foreign Exchange (Forex) market and moved erratically in a narrow range between 53.75 and 53.95 before concluding at 53.91, showing a fall of 23 paise or 0.43 per cent.
Month—end dollar from importers affected the rupee sentiment.
The dollar index, a gauge of six major global currencies, was up by 0.12 per cent.
After appreciating for the last couple of sessions, rupee started depreciating against the US dollar today. Rupee was seen weakening despite the strong recovery in the euro. The month end demand for dollars from the importers is putting some pressure on the rupee.