Mumbai: The Indian rupee on Wednesday snapped its seven-day winning spree against the Greenback, declining 7 paise to end at 62.33 on month-end dollar demand from banks and importers.
The rupee's longest run of gains since June 2011 ended amid renewed dollar demand in view of a higher dollar in the international market, a forex dealer said.
The rupee resumed lower at 62.32 per dollar as against yesterday's closing level of 62.26 at the Interbank Foreign Exchange (Forex) Market.
It hovered in a range of 62.27 and 62.4350 per dollar, before finishing at 62.33, disclosing a fall of seven paise or 0.11 percent.
The rupee had gained by 71 paise or 1.13 percent in the preceding seven straight sessions.
The US dollar drifted lower against the euro and the yen in Asia today, with investors appearing reluctant to take strong positions amid a lack of fresh market-moving news.
The dollar index, a gauge of six major global rivals, was down by 0.42 percent today.
Meanwhile, the Indian stock benchmark Sensex declined by 49.89 points or 0.18 percent to finish at 28,111.83.
"Technically, the pair tested an important level of 62.40. However a close above the level could push the pair higher. On the other hand, we believe that importers could continue to come into the markets at 62.10 levels," said Suresh Nair, Director, Admisi Forex India Pvt Ltd.
Meanwhile, the forward premia declined on fresh receipts by exporters.
The benchmark six-month premium payable in August moved down to 221-1/2-223-1/2 paise from 223-1/2-225-1/2 paise from yesterday and forward contracts maturing in February 2016 also fell to 453-1/2-455-1/2 paise from 457-459 paise.
The Reserve Bank of India fixed the reference rate for dollar at 62.3419 for Euro at 68.1210.
The rupee dropped against the pound to 92.88 as against 92.79 previously while continued to decline against the euro to 68.42 per euro from 68.33 previously.
However, the domestic currency ended steady against the per 100 Japanese yen at 52.14.
