However, it recovered afterwards to 63.5325 on selling of dollars by banks on expectation of foreign capital inflows in view of last day recovery in the equity market before ending the week 63.82 per dollar, still showing a loss of 30 paise or 0.47%.
The rupee dropped by 30 paise to close at 63.82 against the American currency on month-end dollar demand from importers after touching to 64.16 after a gap of two weeks.
The rupee resumed lower at 63.62 per dollar against the last weekend's level of 63.52 per dollar at the Interbank Foreign Exchange (Forex) and touched below 64-level to 64.16 during the mid-week.
However, it recovered afterwards to 63.5325 on selling of dollars by banks on expectation of foreign capital inflows in view of last day recovery in the equity market before ending the week 63.82 per dollar, still showing a loss of 30 paise or 0.47%.
It hovered in a range of 63.5325 per dollar and 64.1600 per dollar during the week.
Pramit Brahmbhatt, Veracity Group CEO said: "This week rupee depreciated in see saw trades as to start the week rupee traded low taking cues from month end dollar demand from oil importers and strong presence of dollar in global market." But as the week progressed rupee tried to recover with the help of fresh selling of the US currency by exporters and banks which supported the rupee. Though the weak local equities and strong dollar capped the rupee gain and forced it close at 63.82, thirty paise down from last week's close.
Next week Rupee is expected to trade volatile as there is the expectation of a rate cut by the central bank, if the rate cut takes place, market sentiments will improve which may appreciate Rupee. The trading range for the Spot USD/INR pair is expected to be within 63.40 to 64.40.
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