Published on 9/02/2018 1:46:57 PM | Source: IANS

Rupee down 7 paise against greenback on Fed rate hike fear

The Indian rupee was trading lower against greenback on Friday due to shoot up in dollar demand by exporters and banks, while fund outflows by foreign investors also weighed on local currency movement. The trader sentiment was also spooked by the fears of interest rates hike by the US Federal Reserve.

At the Interbank Foreign Exchange Market, the local currency was trading at 64.46 per dollar, down 7 paise, against previous closing of 64.39. During the day’s trade so far, the rupee touched an intra-day low of 64.53 and 64.20 after opening at 64.53. Adding to it, weakness in the domestic equity market also dented sentiment at local forex market. The 30-share benchmark index closed at 33962.11, down by 451.05 points or by 1.31 per cent, and the NSE Nifty was at 10435.95, down by 140.9 points or by 1.33 per cent.