Mumbai: Retreating from a three-week high,
the rupee today depreciated by 12 paise to close at 64.70 a
dollar due to renewed demand for the US currency.
A sharp uptick in the US dollar demand from importers and
banks amid rising prospect of Fed rate hike by the end of this
year largely dominated trading sentiments.
Though, the American currency remained under pressure
due to Federal Reserve inflation concern going ahead and also
some caution ahead of the US manufacturing data release later
in the day.