Rupee hits one-month low on defence-related dollar demand

Mumbai: The rupee hit its lowest level in nearly a month on Friday afternoon, weighed down by dollar demand from state-run banks and sharp gains in the greenback versus major currencies. The partially convertible rupee was trading at 61.77/78 per dollar, its lowest level since October 16 and sharply below its close of 61.5450/5600.

The index of the dollar against six major currencies was up 0.25 per cent. Traders said there was heavy buying of dollars by state-run banks, likely for defence-related payments.