Rupee depreciates 17 paise to 66.84 against US dollar

Rupee depreciates 17 paise to 66.84 against US dollar

Extending losses for the third straight day, the rupee on Wednesday depreciated by 14 paise to 66.84 against US dollar even as other Asian currencies gained against dollar.

The domestic currency on Wednesday dropped by another 9 paise to close at 66.67 on sustained demand for the US currency from banks and importers in view of firm dollar overseas.

“The short-term bias looks positive as long as the pair holds support at 66.40-66.50 range and a short-covering move towards stiff resistance area at 67.25-67.40 levels is expected,” said Rahul Gupta, Head Research and Market Reporter,

However, the expert added that from a medium-term perspective, 67.25-67.40 zone could pose stiff resistance to the pair and failure to breach the same might result in resumption of the prior decline leading to test of lower supports at 66.10-65.80 levels.

Meanwhile, the dollar index was trading at two-week highs of 94.257, off a 15-month trough of 91.919 set on May 3.

Among Asian currencies, Korean won added 0.59 per cent, Philippine peso 0.28 per cent, and Ringgit 0.22 per cent against the greenback. Japanese yen, Chinese yuan were also up 0.12 per cent, 0.06 per cent, respectively.