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Rupee Down By 22 Paise On Fresh Dollar Demand

Mumbai, Dec 22: The rupee today fell by 22 paise to end at 52.72/73 against the US currency on renewed dollar demand from importers and some banks despite firm local equity markets.At the Interbank Foreign
rupee down by 22 paise on fresh dollar demand -...
PTI December 22, 2011 19:33 IST

Mumbai, Dec 22: The rupee today fell by 22 paise to end at 52.72/73 against the US currency on renewed dollar demand from importers and some banks despite firm local equity markets.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 52.85/86 per dollar from last closing level of Rs 52.50/51 per dollar. It declined further to a low Rs 52.90 before settling at Rs 52.72/73, showing a gain of 0.42 per cent.

Fresh dollar demand from importers mainly oil refiners and some banks affected the rupee value against the dollar, a dealer said.

“Rupee traded weak, mainly taking cues from global markets where dollar traded strong against the major currencies, mainly against euro,” Alpari Financial Services (India) CEO Pramit Brahmbhatt said.

In New York, the euro slipped against the dollar on Wednesday, paring deeper losses following the European Central Bank announcement that its first longer-term lending operation garnered strong demand.

The BSE Sensex rose by 128.15 points or 0.82 per cent from its previous close.

The rupee premium for the forward dollar finished lower on fresh receiving by exporters.

The benchmark six-month forward dollar premium payable in May end down at 161-163 paise from Wednesday's close of 164-167 paise and far-forward contracts maturing in November also settled lower at 268-271 paise from 271-274 paise previously.

RBI fixed the reference rate for the US dollar at Rs 52.7825 and for the euro at Rs 68.8775.

The rupee fell back against the pound sterling to end at Rs 82.75/77 from Wednesday's close Rs 82.37/39 and also declined to Rs 68.86/88 per euro from Rs 68.73/75 previously.

It, however, reacted downwards against the Japanese yen to close Rs 67.52/54 per 100 yen from last close of Rs 67.48/50.

 

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