The rupee moved in a range of 66.90-66.50 against the US dollar during Wednesday's session The rupee (INR) shed 52 points against the US dollar (USD) on Wednesday to close near its day's low.
The rupee settled at 66.90 against the greenback, its weakest close since February 22, 2017.
Broad strength in US dollar and weak domestic stock markets hurt the rupee.
The weakness returned in the rupee a day after it had broken a six-day fall against the American currency, to close at 66.38.
Last week, the rupee had touched levels above 66 against the dollar after a gap of more than 13 months.1.
The rupee is expected to weaken beyond 67 against the US dollar, Salil Datar, CEO and executive director, Essel Finance VKC Forex, told .
"With the crude firming up and US bond yields hardening, the rupee can test Rs 67.25 levels," he said.
Mr Datar expects the rupee to stabilise around 66-66.50 against the greenback in the near term.2.
The rupee moved in a range of 66.90-66.50 against the US dollar during Wednesday's session.3.
Strength in the dollar against a basket of currencies amid rising US bond yields battered the rupee.
Dealers also attributed the rupee's fall to increased demand for the US currency from importers due to month-end demand and sustained foreign capital outflows.4.
Losses in the equity markets also dragged the rupee lower against the US dollar, amid continued selling of local equity and debt by FIIs or foreign institutional investors, say analysts.5.
The BSE Sensex fell 115 points lower to close just above the 34,500 mark while the NSE Nifty settled 43 points lower at 10,570.
With that, the Sensex has risen close to 5 per cent so far this month.
It had ended at a two-month high on Tuesday.(With agency inputs)