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The Indian rupee snapped its winning streak by shedding 11 paise to 44.78 against the US dollar in late morning trade today on renewed dollar demand from banks and importers in view of the firm dollar in overseas markets.
At the Interbank Foreign Exchange, the domestic unit opened lower at 44.72/74 per dollar as against last weekend’s level of 44.67/68 per dollar and moved down further to 44.78 before quoting at 44.76/77 per dollar at 1030 hours. It moved in a range between 44.72 and 44.78 per dollar in morning deals.
Fresh dollar demand from banks and importers in view of higher dollar in overseas market mainly affected the rupee value against the dollar, a forex dealer said.
The US dollar extended its gains versus major currencies last Friday in New York after a Federal Reserve official said the Central Bank should aggressively tighten monetary policy within a year.
Meanwhile, crude oil rose to USD 105.55 per barrel in Asian trade today as the unrest in Libya and the Middle East showed no signs of abating, analysts said.
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