Financial Daily from THE HINDU group of publications
Tuesday, Jun 22, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 22, 2004 |
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Forex Money & Banking - Forex Rupee weaker by 25 paise against dollar Our Bureau
Mumbai , June 21 AN aggressive bout of dollar buying by oil majors and corporates coupled with arbitrage opportunities available in non-deliverable forwards led to 25 paise drop (0.5 per cent) in the domestic currency on Monday over its previous close. The rupee ended at 45.90/93, its weakest against the greenback in seven months, as against its closing on Friday at 45.66/68. The sharp fall was intermittently supported by the RBI selling dollars at 45.94/95 levels, the intra-day low, consequent to which the rupee was pulled back to 45.8350, dealers said. "The heavy demand for the greenback from oil companies, importer covering with banks indulging in intra day trades aided the depreciation of the domestic currency. The non-deliverable forwards arbitrage was also a reason, which put pressure on the rupee. The exporters were seen covering up positions at 45.90/93 levels," said a currency analyst. There are expectations that the rupee might touch levels of 46.00/46.25 during the week, if the similar scenario of absence of dollar inflows, due to lack of FII investment continues, said dealers.
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