Snapping two days gains, the Indian rupee fell against US dollar on dollar buying by public sector State Bank of India, month end demand from oil and defence companies. Indian rupee closed 62.51 down 0.75% against the US dollar. Rupee opened at 61.90 and touched intraday low of 62.56 and a high of 61. 76. The rupee spiked in late trade on short-covering ahead of the weekend and buying by foreign banks on behalf of custodial clients. The June quarter current account deficit numbers are due on Monday, with economists expecting the gap to be higher than the March quarter’s $18.1 billion, given the sharp rise in trade deficit and lower remittances during the period.
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