Rupee ends lower by 13 paise against dollar

MUMBAI: In line with the downtrend in equity markets, the rupee ended lower by 13 paise to close at 44.90/91 against the dollar today on persistent demand for the US currency amid its gaining strength in the overseas market.

Dealers said that sustained dollar demand from banks and importers in view of a firm dollar overseas mainly affected the rupee value against the US currency.

Equity markets traded weak and closed in the red. The Bombay Stock Exchange benchmark Sensex today plunged by 146 points to below 18,000-level today as the RBI increased key policy rates for the 10 time in a row in its bid to tame rising inflation.

Meanwhile, global crude oil below USD 95 a barrel in London today.

Alpari India CEO Pramit Brahmbhatt said USD/INR opened at 44.86. During the day, pair traded bullishly and made a low of 44.91 and high of 44.82.

Fall in Euro and weak local equities due to hike in Interest rates by RBI, depreciated rupee for the second day. During the day it weakened over quarter per cent against the dollar. Looking at the weak local equities, expect rupee to trade over 45.00 level in coming days, he said.

The trading range for the USD/INR will be 44.70 to 45.20. The rupee resumed lower at 44.87/88 per dollar at the Interbank Foreign Exchange as against yesterday's close of 44.77/78 per dollar and hovered in a range of 44.80 per dollar and 44.95 per dollar before ending the day at 44.90/91 per dollar.