Mumbai: The Indian rupee extended its losses for the 2nd consecutive week against the American currency, moving down by another three paise to end at 62.22 per dollar on sustained dollar demand from banks and importers on the back of higher dollar in the overseas market.
The Indian currency resumed higher at 62.15 per dollar as against the last weekend's level of 62.19 per dollar at the Interbank Foreign Exchange (Forex) market.
It firmed up further to 62.0750 per dollar on heavy selling of dollars by banks and exporters in view strong equity market coupled with fresh foreign capital inflows into equity market.
However, it washed out its initial gains and dropped to 62.3575 per dollar on fag-end dollar demand from banks and importers on the back of firm dollar in the overseas market before ending the week at 62.22 per dollar, still showing a loss of three paise 0.05 percent.
The local currency dropped by 53 paise or 0.86 percent in the two weeks.
It hovered in a range of 62.0750 per dollar and 62.3575 per dollar during the week.
In the forward market, the premium dropped further on persistent receiving from exporters.
The benchmark six-month forward dollar premium payable in July dropped to 205-207 paise from the last weekend's level of 210-212 paise and far-forward contracts maturing in January 2016 also fell to 416-418 paise from 420-422 paise.
The RBI fixed the reference rate for the US dollar at 62.2550 and 70.7217 respectively as against the previous weekend's level 62.1360 and the euro at 71.0525.
The rupee recovered to 95.48 per pound from the preceding weekend's level of 95.74 and also rebounded to 70.41 per euro from 71.00 previously while it dropped to 52.40 per 100 yen from 52.35 last week.
