Rupee hits 9-week low; drops by 73 paise to 62.66 Vs dollar

Zee Media Bureau

The rupee fell by 73 paise to 62.66 against the American currency in closing hour of trade Friday on persistent dollar demand from banks and importers.

The rupee resumed lower at 62.12 per dollar as against the last closing level of 61.93 at the Interbank Foreign Exchange (Forex) Market.

It dropped further to 62.66 per dollar, down 73 paise or 1.18 percent from its previous close.

Sustained demand for the US currency from banks and importers in view firm dollar overseas mainly affected the rupee value, a forex dealer said.

In the global market, the US dollar was recovering from its drop against most major rivals following global slowdown concerns that led investors to shove the greenback lower.