Money & Banking

Re falls sharply by 48 paise against dollar

PTI Mumbai | Updated on January 30, 2012 Published on January 30, 2012


In tune with the sharp fall in local equities, the rupee lost 48 paise to end the day at 49.79/80 against the dollar, snapping straight four sessions of gains.

Fresh dollar demand from importers, mainly oil refiners, to meet their month—end requirements weighed against the rupee sentiment, but capital inflows limited the fall to some extent, a forex dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed a bit higher at 49.30/31 a dollar from last Friday’s close of 49.31/32.

But it moved downwards in the later part of the day and settled at 49.79/80, a steep fall of 48 paise or 0.97 per cent.

In last four trading sessions, the rupee had gained 139 paise or 2.76 per cent.

Meanwhile, The BSE benchmark indiex Sensex, plunged by nearly 371 points or 2.15 per cent on weak global cues and profit-booking.

The dollar index was up by over 0.5 per cent against a basket of currencies while New York crude oil was trading above $99 a barrel in European market today.

According to markets regulator Sebi’s data, FIIs have pumped in over $2.0 billion in equities and $3.1 billion in debt market this month till January 27.

The rupee premium for the forward dollar fell back on fresh receivings by exporters.

The benchmark six—month forward dollar premium payable in July ended weak at 179-181 paise from 187-1/2-189-1/2 paise last Friday and far-forward contracts maturing in December also dropped to 290—292 paise from 284—286 paise previously.

The RBI has fixed the reference rate for the dollar at 49.5030 and for the euro at 65.1882.

The rupee reacted downwards against the pound sterling to end at Rs 78.10/12 from last weekend’s close of Rs 77.48/50 and also fell back against the euro to Rs 65.35/37 from Rs 64.80/82 previously.

It too tumbled against the Japanese yen to Rs 65.00/02 per 100 yen

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Published on January 30, 2012
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