 "Rupee loses ground for 3rd day, ends 18 paise down to 68.23")
The rupee continued to slide against the American currency for the 3rd day, slipping by another 18 paise to close at a fresh 29-month low of 68.23 on persistent dollar demand from banks and importers despite lower greenback overseas after the US Fed kept interest rates unchanged.
Sustained month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.
The domestic unit resumed lower at 68.13 per dollar as against yesterday's closing level of 68.05 at the Interbank Foreign Exchange market and dropped further to 68.25 before finishing at 68.23, showing a loss of 18 paise or 0.26%.
The domestic unit hovered in a range of 68.01 and 68.25 per dollar during day.
The dollar index was down by 0.08% against a basket of six currencies in early trade.
Globally, oil prices tumbled in Asia today after US commercial crude stock climbed to a record level, stoking worries about a global oversupply of the commodity.
The dollar weakened against the euro yesterday at the New York market after the release of an updated monetary policy statement from the Federal Reserve.
Sustained month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.
The domestic unit resumed lower at 68.13 per dollar as against yesterday's closing level of 68.05 at the Interbank Foreign Exchange market and dropped further to 68.25 before finishing at 68.23, showing a loss of 18 paise or 0.26%.
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It has dropped by 60 paise or 0.89% in the last three trading days.
The domestic unit hovered in a range of 68.01 and 68.25 per dollar during day.
The dollar index was down by 0.08% against a basket of six currencies in early trade.
Globally, oil prices tumbled in Asia today after US commercial crude stock climbed to a record level, stoking worries about a global oversupply of the commodity.
The dollar weakened against the euro yesterday at the New York market after the release of an updated monetary policy statement from the Federal Reserve.