The rupee fell sharply in trade as the US Dollar continued to strenghthen against most global currencies. The Indian rupee lost 23 paise to trade at 66.80 at the Interbank Foreign Exchange on increased month-end demand for the American currency from importers.
The rupee has been weakening against the US Dollar on worries of the first interest rate hike in several years. The US Fed meet is likely to hike interest rates for the first time in more than 7 years. This has seen Foreign Portfolio Investors selling Indian stocks.