Rupee trading weak at 62.06…


The rupee was trading weak by 3 paise at 62.06 against the dollar at 4.03 pm local time at the Interbank Foreign Exchange market due to dollar’s gains against other currencies overseas After opening weak by 22 paise to trade at a fresh nine-month low of 62.25, the domestic unit hovered in the range of 62.05 and 62.25 in the afternoon trade.

Dealers attributed the fall in rupee to dollar’s gains against the euro and yen overseas.

The rupee had tumbled 16 paise to close almost at a nine-month low of 62.03 against the dollar on Friday following sustained dollar demand from importers, including oil firms.

Meanwhile, a sluggish agriculture and manufacturing sector performance restricted the GDP growth rate at 5.3 per cent in the second quarter, raising the clamour for a rate cut by the RBI in its policy due tomorrow.

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