Rupee trades 22 paise lower at 62.63

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The rupee was trading lower at 62.63 to the dollar at 9.45 am. The rupee has been trading weak in the last few trading sessions.

Dealers say that the RBI had opened a special window for meeting the oil requirements of oil companies, which may draw to an end this week.

This has put pressure on the rupee as the deadline draws close. Oil companies need substantial amount of dollars every day to meet their requirements for oil imports.

Also, in the last few sessions foreign institutional investors have not been buyers in large quantities in the cash market and their purchases seem to have tapered off.

Clearly, there is likely to be some pressure in the rupee in the days to come. Check currency rates here

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