Comments
The rupee fell by 52 paise to Rs 47.78 per US dollar in early trade today on fresh dollar demand from banks and importers amid firmness of the American currency overseas and a fall in the domestic equity market.
The rupee resumed lower at Rs 47.55/56 per dollar, as against last weekend’s close of Rs 47.26/27 per dollar, and declined further to Rs 47.78 per dollar before quoting at Rs 47.72/73 per dollar at 10.30 a.m.
Fresh dollar demand from banks and importers, in view of dollar firmness in overseas markets, mainly affected the rupee value against the American currency, a forex dealer said.
The dollar rose against the euro on Friday as news out of Europe left investors nervous about the outlook heading into the weekend.
Meanwhile, oil prices were down in Asian markets early today, with investors still worried over the debt crisis in the eurozone and the weak US economy.
New York’s main contract, light sweet crude for delivery in October, was down $1.12 to $86.84 a barrel in morning trade today.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.