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Indian rupee erases gains, slips to 65.51 against dollar

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The rupee wiped off early gains against the dollar today, slipping 6 paise to 65.51, following fresh spell of month-end dollar demand from importers and banks and a higher greenback overseas.

The rupee resumed higher at 65.35 as against yesterday's closing level of 65.45 at the interbank foreign exchange (forex) market here.

Later, it slipped to 65.60 before hitting 65.51 at 1030 hours. Persistent capital outflows and subdued domestic equities hurt rupee sentiment, dealers said.

FPIs withdrew over Rs 1,915.54 crore on net basis from stock markets yesterday, as per provisional exchange data. Overseas, the US dollar traded higher against a basket of currencies, which was underpinned by remarks from the Federal Reserve chief on the need to continue with rate hikes.

The euro was seen licking its wounds amid political uncertainty after the German election. Meanwhile, the BSE Sensex dropped 196.16 points, or 0.62 per cent, to 31,403.60 today.