Rupee slumps to 61.75 on heavy dollar demand…

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The rupee was trading weak by 20 paise at 61.75 against the dollar at 4.00 p.m. local time at the Interbank Foreign Exchange market due to heavy demand for the American currency from banks and importers. The domestic unit hovered in the range of 61.60 and 61.83.

According to forex dealers, besides the dollar gaining strength against other currencies in the global market on the back of a strong US economy, increased demand for the American unit from importers weighed on the rupee, but a firm domestic equity market capped the fall.

The rupee had finished lower by four paise at 61.55 against the American unit on renewed dollar demand from banks and importers.

Meanwhile, the 30-share BSE index Sensex ended higher by 106.02 points at 28,046.66.

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