Rupee falls 18 paise at 67.04 against US dollar

12/09/2016 12:54

The Indian rupee was trading lower against its US counterpart on Monday amid fresh demand for the dollar from banks and importers, tracking a slump across global markets as central banks in the world’s biggest economies start to question the benefits of loose monetary policies.

At the Interbank Foreign Exchange Market, the partially convertible currency fell 18 paise at 67.04 per dollar from a previous close of 66.86 per dollar.

Weakness in the domestic equity market also weighed on the local currency.

Boston Federal Reserve Bank of President Eric Rosengren has said that there rests a ‘reasonable case’ for gradual interest rate hikes in the world’s biggest economy, which he sees in resilient shape notwithstanding a drag from a global slowdown in the wake of heightened headwinds.

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