Money & Banking

Rupee ends lower by 11 paise

| Updated on: May 02, 2011

The rupee ended lower by 11 paise to 44.33/34 against the US currency on Monday on renewed dollar demand from banks and corporates, driven by a firm trend overseas.

The killing of al Qaeda leader Osama bin Laden by US forces prompted investors to strip some of the risk premium underpinning world asset prices, lifting the dollar, boosting stocks and weakening commodities in global markets.

Oil, gold and silver prices all fell as reaction to the death of the West's most wanted man swept across thinly traded financial markets.

The rupee premium for the forward dollar closed slightly lower on fresh receivings by exporters. The benchmark six-month forward dollar premium payable in October finished lower at 160-162 paise from 161-1/2-163-1/2 paise in the previous session.

The RBI has fixed the reference rate for the dollar at Rs 44.30 and the euro at Rs 65.57

Published on May 02, 2011

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