Rupee weakens further, down 9 paise to 66.67

Extending losses for the second straight session, the rupee today dropped by another 9 paise to close at 66.67 on sustained demand for the US currency from banks and importers in view of firm dollar overseas.
The rupee resumed lower at 66.65 per dollar as against the yesterday's closing level of 66.58 at the Interbank Foreign Exchange market and dropped further to 66.74 before closing at 66.67, showing a loss of 9 paise or 0.14 per cent.
The rupee has lost 13 paise or 0.20 per cent in two days.
It hovered in a range of 66.60 and 66.74 per dollar during the day.

The dollar index was up by 0.13 per cent in the late afternoon trade.
The dollar rose against the yen in Asia trade today, after short-covering brought the US currency to its highest level in nearly two weeks.

Meanwhile, the RBI fixed the reference rate for the dollar at 66.7224 and euro at 75.9568.
In cross-currency trades, the rupee dropped against the pound sterling to finish at 96.36 from 96.09 yesterday.
It also declined to 75.84 against the euro from 75.81.
However, the dollar was trading almost flat against the
yen in a range-bound late Asian trade today, with investors sitting on the sidelines ahead of the monetary policy meetings in the US and Japan next week.

Pramit Brahmbhatt of Veracity Financial Services said, "The rupee opened at 66.8050/USD on a negative note against the previous close of 66.71/USD. Taking cues from positive opening of domestic equity market, the rupee appreciated from opening levels but failed to trade higher as Nifty lost its early gain on back of profit booking."
"Thus Nifty closed with a loss of 34 points at 8,170. Following to the equity market, the rupee too found resistance at higher levels. Thus to end the day, the rupee closed at 66.76/USD thus by depreciating 5 paise."
Trading range for the spot USD/INR pair will be 66.50 to 67/USD.

In forward market, premium for dollar eased further on sustained receivings from exporters.
The benchmark 6-month premium for November moved down to 195.25-196.25 paise from 196-198 paise yesterday and far forward May 2017 contract also moved down to 385-385.75 paise from 386-388 paise.
Meanwhile, the benchmark Sensex dropped further by 127.71 points or 0.48 per cent to 26,635.75.