Rupee falls to over 1-month low of 62.19 vs dollar

The Indian rupee on Tuesday washed out its initial gains against the American currency and ended two paise down at over one-month low of 62.19 on late dollar demand from banks and importers.

The Indian currency resumed higher at 62.15 as against Monday's close of 62.17 at the Interbank Foreign Exchange market in Mumbai.

It later firmed up to hit a high of 61.92 on some dollar selling from banks and exporters in view of a strong equity market.

However, the rupee failed to maintain its initial gains and dropped to 62.20 per dollar before finishing at 62.19 per dollar, showing a loss of two paise or 0.03 per cent from its last close.

This is its weakest closing since 62.32 against the US dollar on January 9, 2015.

The dollar index was up by 0.31 per cent against a basket of major global rivals.

The dollar was slightly lower against the yen in Asian trade on Tuesday, with weakness in Japanese stock market encouraging investors to lock in profits after gains from robust US jobs data released last Friday.

In the New York market, the US dollar was lower against major rivals.

Pramit Brahmbhatt, Veracity Group, CEO said, "The trading range for the spot USD/INR pair is expected to be within 61.70 to 62.70."