The rupee was trading weak at 66.83 on increased demand for the US currency from importers.

Besides, the dollar's strength against other currencies overseas on rising hopes that the Federal Reserve will hike interest rates later this month weakened the rupee sentiment.

A weak equity market also put pressure on the domestic unit, dealers said.

The rupee opened weak by 18 paise at 66.88 at the Interbank Foreign Exchange market today. It hovered in a range of 66.88 and 66.82 before quoting at 66.83, down 13 paise at 4.05 pm local time.

Yesterday, the rupee had ended higher by 12 paise at 66.70 against the American currency on fresh bouts of dollar selling amid an overall upbeat sentiment following the release of GDP data.

Meanwhile, the 30-share BSE index Sensex closed lower by 7.34 points or 0.03 per cent at 28,832.45.

The dollar stalled after two days of strong gains on Friday, with nerves around a speech by Federal Reserve chief Janet Yellen due later in the day adding to the handful of factors that have held back a broader rally this year.

The greenback is up around 1 per cent this week, its fourth straight weekly gain on the trot, but a sour January means it is still well below highs hit on the back of optimism about the shape of Donald Trump's presidency in December.

(This article was published on March 3, 2017)
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