The rupee was trading weak by 42 paise at 62.75 against the dollar on month-end dollar demand from banks and importers at the Interbank Foreign Exchange market today.

After opening weak by 31 paise to 62.64, the rupee hovered in the range of 62.50 and 62.77 in the afternoon trade.

Forex dealers attributed the fall in rupee to increased demand for the dollar from importers and a weak domestic equity market but the greenback’s weakness against other currencies overseas, capped the rupee’s losses.

The rupee had snapped its seven-day winning spree by slipping seven paise to close at 62.33 against the dollar in yesterday’s trade.

Meanwhile, the BSE index Sensex tumbled 654.25 points or 2.33 per cent at 27,457.58 due to escalating tensions in West Asia after Saudi Arabia and its Gulf Arab allies launched air strikes in Yemen.

Source:thehindubusinessline.com