Rupee Value Decreased By 45 paise in 7 weeks

The Indian rupee on Thursday reduced by 45 paise, its worst singe-session drop in nearly seven weeks, to end at 61.86 against the greenback on month-end dollar demand from importers and banks amid speculation that US Fed is considering raising interest rates later this year.

Dollar demand from importers, mainly oil refiners, mainly affected the rupee value against the dollar, dealers said.

However, persistent foreign capital inflows into equity market restricted the rupee’s fall, they added. Benchmark indices Sensex and Nifty on Thursday hit new highs.