Mumbai: The Indian rupee extended losses to a one-week low in afternoon trade on Wednesday as domestic shares fell more than 2% while some month-end dollar demand from refiners also weighed.
At 2:45pm, the partially convertible rupee was at Rs48.41/42 per dollar, off a low of Rs48.52, its lowest since 22 July and below Tuesday’s close of Rs48.21/22.
Shares were trading down about 1.3% after having dropped more than 2% earlier, on waning market momentum across Asia and as weak results from Reliance Industries and Hindustan Unilever hit sentiment.
One-month offshore non-deliverable forward contracts were quoting at Rs48.43/53, marginally below the onshore spot rate.
In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at Rs48.51, with the total traded volume on the two exchanges at about $1.2 billion.