A television channel reported that the commerce ministry will propose a devaluation in the unit to promote dwindling exports
Indian currency fell abruptly after devaluation reports, but trimmed losses after denial from the government
RBI has made it clear in the past that its primary focus is on bringing down currency volatility and it is not for any particular value of the rupee
Meanwhile, BSE Sensex rose by 60.51 points at 28,432.74 in early trade today
Re-emergence of Fed rate hike alongside aggressive hedging strategy adopted by importers has predominantly kept home currency under intense pressure
Rupee depreciation between July 2015 and July 2016 has been equal to the rate of Consumer Price Index
Dealers attributed rupee's fall to increased demand for US currency and a lower opening in domestic equity market
Exchange rates for the pound and the yen against the rupee were quoted at 88.6088 and 65.33 per 100 yens, respectively
A rally in local stocks and sluggish dollar abroad supported the rupee
GDP data for the June quarter and fiscal deficit data for July will be released on Wednesday
The domestic currency had depreciated by 5 paise to end at 67.11 per dollar yesterday
Stock markets ended negatively with investors adopting cautious stance after appointment of Urjit Patel, who is unlikely to cut rates
Dollar firmed up against some global currencies on US interest rate hike hopes
The benchmark 10-year bond yield rose 4 basis points to 7.14%, while the rupee fell to a near one-month low of 67.17/67.18 to the dollar
Weak equity markets also hit rupee sentiment
Oil prices eased slightly in Asia today amid reports OPEC kingpin Saudi Arabia would further raise output in August
The domestic currency had dropped by 17 paise or 0.26% in previous two sessions
The rupee on Thursday lost 13 paise to close at 66.85 against the dollar, on fresh demand for the US currency from banks and exporters.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.7442 and euro at 74.3797
The domestic currency had gained by 62 paise or 0.92% in previous six trading days