Millennium Post

Rupee falls to 52.72 against American dollar

The rupee surrendered its initial gains on late weakness in local equities amid continued dollar demand from importers, depreciating further by eight paise to close at 52.72 against the American unit on Tuesday, completing three session of losing string Firm dollar overseas also weighed on the rupee while heavy capital inflows limited the fall, a fored dealer said. At the Interbank Foreign Exchange [Forex] market, the domestic currency opened strong at 52.39 a dollar from last close of 52.64 and immediately touched a high of 52.23 on the back of early smart recovery in local stocks and hefty buying by foreign funds in equities. However, it fell back after morning session and touched a low of 52.83 before finishing at 52.72, a fall of eight paise. On Monday, it had registered a second biggest fall of 79 paise or 1.52 pct in the current calender year.

The Indian benchmark sensex, which was up by nearly 177 points in morning trade, dropped on profit-booking after mid-session, still closing up by over 84 points or 0.45 pct.    

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