Rupee down 8 paise against dollar in morning trade

The rupee dropped 8 paise to 60.22 per dollar in morning trade on Thursday due to month-end demand for the US currency from importers, triggered by its firm value overseas.

However, sustained foreign capital inflows into equity market restricted the rupee’s fall, forex dealers said.

The rupee resumed lower at 60.21 per dollar as against Wednesday’s closing level of 60.14 at the Interbank Foreign Exchange (Forex) Market.

It hovered in a range of 60.27—60.17 per dollar before quoting at 60.22 at 1000 hours.

The month-end dollar demand from importers, mainly oil refiners, affected the value of rupee against the American currency, dealers said.

In the global markets, the euro was under pressure against the US dollar on Wednesday, dragged lower as European monetary policy officials indicated willingness towards supporting more stimulus measures to aid the regional economy.

Meanwhile, the benchmark BSE Sensex rose by 83.92 points, or 0.38 per cent, to 22,179.22 at 1000 hours, after hitting an all-time high of 22,188.63 in early trade.