Rupee takes another tumble, falls 3 paise

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A sustained demand for the US dollar from importers and banks pushed the rupee lower by 3 paise to 66.92, which slid for the third continuous day.

Dealers attributed the fall to the persistent lure of the US currency and the dollar’s strength against other currencies overseas. Investors grew increasingly confident that the Federal Reserve will hike interest rates by the end of the year, but a higher opening in the domestic equity market contained the losses.

On Friday, the rupee had depreciated by 8 paise to end at 66.89 against the US dollar.

The benchmark BSE Sensex rose 88.13 points, or 0.31 per cent, to 28,165.31 in early trade today.