Rupee extends losses

The rupee ended lower for the third straight session in the interbank currency market on Wednesday, dealers said. The rupee closed at 128.48 against the dollar as compared to Tuesday’s closing of 128.26. The local unit moved in the range of 128.40/50 during the session.

“The currency is weakening gradually on a daily basis due to increased dollar demand. Depleting foreign exchange reserves also exert pressure on the exchange rate,” a currency dealer said.

“The outlook for the rupee remains uncertain, but we expect it will suffer minor losses this week.”

In the open market, the rupee closed at 128.50/129 against the dollar as compared to the previous level of 128/128.70.