A firm dollar overseas against the Euro increased pressure on the rupee sentiment, while FII inflows worth Rs 80 crore (Rs 800 million) could not help rupee recover from lows, forex dealers said.
The rupee commenced remarkably lower at 53.70 a dollar from last close of 53.41 at the Interbank Foreign Exchange market and immediately touched a high of 53.58.
However, persistent dollar demand from importers, mainly from oil refiners, and defence companies amid weakness in local stocks put pressure on the rupee.
"There was significant dollar demand as the US currency gained strength in the global market," said
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