Mumbai:Falling for the third straight session, the rupee weakened by 23 paise
to 65.10 against the US dollar to hit its three-month low in opening
trade at the forex market today.
The dollar firmed up
against select global currencies as US Federal Reserve Chairman Jerome
Powell's upbeat views on the economy bolstered bets on further Fed
interest rate hikes this year.
Forex dealers said
sustained month-end demand for the American currency from importers,
foreign fund outflows and the dollar's gains against other global
currencies weighed on the rupee.
Investors were also cautious ahead of GDP and IIP numbers to be released later in the day.
Yesterday, the local currency had lost by 8 paise to end at
64.87 against the American unit on sustained dollar demand from
importers and banks amid heavy capital outflows.
Meanwhile, the benchmark BSE Sensex fell 258.09 points,
or 0.75 per cent, to 34,088.30 in the early trade.
PTI
