Rupee ends lower by 5 paise vs USD at 66.81

Mumbai, Aug 18 (PTI) The rupee today ended lower by 5paise at 66.81 per dollar on fresh demand from banks andimporters for the US currency despite firm domestic equitymarkets. The rupee weakened even as the dollar fell against majorglobal currencies, a dealer said. The rupee opened lower at 66.85 per dollar from Tuesday’sclose of 66.76 per dollar at the Interbank Foreign Exchange(Forex) market. Later, it slipped further on heavy dollar demand fromimporters to 66.8650 before ending at 66.81 per dollar, stillshowing a loss of 5 paise or 0.07 per cent. Meanwhile, the dollar index was trading down by 0.30 percent against a basket of six currencies in afternoon trade. The Reserve Bank fixed the reference rate for the dollarat 66.7939 and for euro at 75.5773. In cross-currency trades, the rupee dropped against thepound sterling to 87.86 from 86.72 on Tuesday and also moveddown further against the euro to 75.72 from 75.40. However, the domestic currency recovered against theJapanese yen to 66.63 per 100 yens from 66.81. Overseas, the US dollar hit a seven-week low against abasket of major currencies in early Asian trade after minutesfrom the Federal Reserve’s July meeting showed policycommittee members opposed to a near-term rate hike outnumberedthose who wanted one. In the forward market, premium for dollar moved downfurther on sustained receivings from exporters. The benchmark six-month premium for January 2017 fellto 179-181 paise from 182-184 paise on Tuesday and for forwardJuly 2017 contract also moved down to 379-381 paise from383-385 paise. Oil prices eased slightly in Asia today amid reports OPECkingpin Saudi Arabia would further raise output in August. US benchmark West Texas Intermediate for Septemberdelivery was down two cents to USD 46.77 while North Sea Brentwas down 16 cents to USD 49.69. Both contracts closed higheryesterday. The benchmark BSE Sensex rose by 118.07 points or 0.42 percent to finish at 28,123.44. PTI RSU BPDMR