The rupee fell for the second straight day as demand for dollars was expected to remain firm ahead of key US inflation data later in the day, and rising oil prices weighed on the domestic currency in addition to India’s cooling inflation reading to below the upper end of the RBI’s target band for the first time in eleven months.
Bloomberg showed the rupee was last trading at 82.6387 per dollar in early trade, compared to its previous close of 82.5388 when the Indian currency stalled a three-day winning streak.
PTI reported that the domestic currency fell 20 paise to 82.71 against the US dollar in early trade.
A rise in crude prices in the international market on supply concerns also did not help the rupee as the country depends on imports for over 85 per cent of its oil needs.
