Millennium Post

` RS falls for second day, down 28p to 63.51 against $

Month-end dollar demand from importers amid consistent selling by foreign funds in Indian equities and bearish local equities put pressure on the rupee and it depreciated for the second day in a row by 28 paise to close at 63.51 against the Greenback. However, sluggish dollar overseas tried to cap the rupee fall but failed, a forex dealer said. At the Interbank Foreign Exchange (Forex) market, the domestic unit commences lower at 63.43 a dollar from previous close of 63.28, but tried to recover to log a high of 63.3775.

Later, dollar demand from importers, mainly oil refiners, to meet their month-end requirements weighed on the rupee and it fell back to a low of 63.56 before concluding at 63.51, a net fall of 28 paise or 0.36 per cent. Fall in domestic stocks and sustained capital outflows too later impacted negatively on the rupee. The dollar index was down by 0.14 per centagainst its major global rivals.
Pramit Brahmbhatt, Veracity Group CEO said,”Today also for the second day Indian Rupee closed at 63.51 for the day taking cues from the dollar demand from oil companies and also the dollar index is trading multi year high, further forcing the rupee to trade low. To make the things worse local indices also traded weak for the day which kept rupee under pressure. The trading range for the spot rupee 
is expected to be within 63.20 to 63.80.”
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