Indian rupee lower 11 paise to 64.90 in late morning deals

The rupee declined 11 paise to 64.90 against the American currency in late morning deals on sustained bouts of month-end dollar demand from importers and banks.

The rupee opened lower at 64.83 per dollar as against yesterday’s close of 64.79 at the inter-bank foreign exchange here. The domestic unit hovered between a high of 64.76 and low of 64.94 during morning deals. It was trading at 64.90 at 1030 hrs.

“Sustained FII outflows are influencing the rupee sentiment, while it is witnessing volatility ahead of the new Fed chief’s first congressional testimony on monetary policy report and the US state of economy,” a dealer said.

Meanwhile, the US dollar eased against its major rivals in early Asian trade, as investors awaited a slew of economic data this week and Federal Reserve Chairman Jerome Powell’s testimony, which could determine whether the US currency’s recovery from a three-year low has more room to run.

The 30-share BSE Sensex was down 63.44 points at 34,382.31 in mid-session trade.