Rupee falls 8 paise to close at over two-month low against U.S. dollar

The rupee fell by 8 paise to settle at 82.82, a more than two-month low against the U.S. dollar

The rupee fell by 8 paise to settle at a more than two-month low against the U.S. dollar on August 4 weighed down by safe-haven dollar demand and higher crude oil prices.

Foreign fund outflows also weighed on the local unit, analysts said.

At the interbank foreign exchange, the domestic unit opened at 82.73 against the dollar and finally ended the day at 82.82 (provisional), registering a fall of 8 paise from its previous close.

During the session, the local unit touched a peak of 82.72 and hit the lowest level of 82.85.

On Thursday, the rupee had settled at 82.74 against the dollar.

The Indian rupee settled lower following safe-haven dollar demand and higher crude oil prices, Dilip Parmar, Research Analyst, HDFC Securities said.

In the week gone, foreign institutions were net sellers of $273 million in domestic equities while the rupee fell nearly 0.7%.