The rupee dropped by 16 paise – or 0.22 per cent – to end the 73.03 mark against the US dollar on Wednesday, tracking weakness across most Asian currencies. It moved within a range of 24 paise, between 72.89 and 73.13, during the four-hour session. A firmer dollar overseas and volatility in domestic equities put pressure on the rupee, according to analysts. At the current level, the rupee has recovered 5.04 per cent from its all-time low of 76.91, registered in April this year, but still down 2.32 per cent so far this year.
Domestic stock markets turned flat in afternoon deals in a volatile session on Wednesday, as gains in IT and automobile shares were offset by losses in banking and financial services stocks.
The dollar index – which measures the greenback against six other currencies – was last seen trading 0.25 per cent higher, having risen as much as 0.37 per cent earlier.
