The rupee was trading weak by 12 paise at 60.21 against the dollar at 1.59 p.m. local time. The domestic unit opened weak at 60.24 against the previous close of 60.09 on the back of dollar demand from importers. It hovered in the range of 60.17-60.33 against the dollar in the afternoon trade.
Abhishek Goenka, Founder and CEO of India Forex Advisors, said as the geo-political instability in Iraq is mounting, crude oil prices are increasing taking a toll on India’s currency.
The rupee had yesterday rose 31 paise, logging its best single-day gain in over a month, to end at 60.08 as the American currency weakened on US Fed keeping its policy of ultra-low interest rates intact.
Meanwhile, the benchmark BSE Sensex rose 45.08 points or 0.18 per cent to 25,246.88 in early trade.
Bureau Report
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