Fall in rupee restricted due to persistent foreign capital inflows into the equity market
The rupee snapped its two-day gains against the American currency by slipping 11 paise to 60.01 per dollar on renewed dollar demand from banks and importers in view of firm dollar in the overseas market.
However, the fall in rupee value against dollar was restricted due to persistent foreign capital inflows into the equity market.
The rupee resumed lower at 59.95 per dollar as against the last closing level of 59.90 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 60.03 per dollar before quoting at 60.01 per dollar at 10 a.m.
It moved in a range of 59.83-60.03 per dollar during the morning deals.
In the New York market, the dollar rose against the euro on Wednesday after the U.S. private sector added the most jobs in three months, setting the stage for Friday’s broader read on employment and its implications for rate hikes next year.