Rupee declines by 7 paisa

 
Rupee declines by 7 paisa

Mumbai: The fall of the rupee continued. It declined by seven paise to close at 79.89 against US dollar on Wednesday. The rupee opened at 79.93 a dollar at the interbank foreign exchange market. It ranged from 79.84 to 79.94. The domestic currency settled at 79.89, down by seven paisa.  Research analyst at Sharekhan said that a strong overseas hit the rupee.

As economic data from the US surprised the markets, the US dollar surged, reports said, adding that US ISM services PMI unexpectedly rose to 56.9 in august from 56.7 in July. Choudhary said it was expected that the rupee to remain weak on strong US dollar.