Rupee hits one-month low to 61.84/85 per dollar on corporate dollar demand
The dollar rallied on Friday, helped by unexpectedly strong US retail sales data The rupee weakened to its lowest level in a little over a month on Tuesday morning as private oil firms bought dollars while a broadly stronger dollar also hurt sentiment for the local unit. The partially convertible rupee was at 61.84/85 per dollar compared with its close of 61.73/74 on Monday. It touched 61.8550, its weakest level since Oct. 16. The dollar index, which measures the greenback against a basket of major currencies, rose to 87.999, pushing closer to a four- year high of 88.267 set on Friday. Traders said there is a strong support for the rupee around 61.90 levels, which would keep the unit in a 61.75 to 61.95 range for the day. Some dealers expect the central bank to step in to support the rupee around 61.90 levels.
Rupee down 10 paise against dollar in morning trade
The rupee declined further by 10 paise to 61.83 against the US currency in morning trade on sustained demand for the dollar from importers coupled with strengthening greenback overseas. The rupee resumed lower at 61.79 per dollar as against yesterday's closing level of 61.73 at the Interbank Foreign Exchange market. Later, it slid sharply to 61.87, before quoting 61.83 per dollar at 1030 hours. The Indian unit hovered in a range of 61.87 and 61.78 per dollar in late morning deals. In the New York market, the US dollar held its own in early trade after European Central Bank officials raised the prospects of further stimulus steps and as investors waited to see if Japan's leader would call a snap election after the country unexpectedly slipped into recession. Meanwhile, the benchmark BSE Sensex was trading higher by 81.24 points, or 0.29 per cent, to 28,259.12 at 1040 hours.
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment