Millennium Post

Re falls for 1st time in 3 days, down 13p to 59.52 per $

The rupee on Monday fell for the first time in three days to end 13 paise lower at 59.52 as fag-end demand of the US dollar from some banks and importers washed out the early gains on account of strong local stocks.

At the Interbank Foreign Exchange (Forex) market, rupee commenced lower at 59.46 a dollar from previous close of 59.39. It recovered later to a high of 58.9650 on sustained dollar selling by exporters and strong rally in stock markets. The rebound, however, was short-lived as fresh dollar demand from importers, mainly oil refiners, and some banks dragged down the rupee to a low of 59.54. It finally ended at 59.52, a fall of 13 paise or 0.22 per cent.

Attributing the rupee fall in the latter half to dollar demand ‘by the local industry to repay their debt liabilities’, Abhishek Goenka, Founder & CEO, India Forex Advisors said the currency could find support as government plans to unveil reform measures. Experts see the short-term trading range for the spot $/Re pair to be within 58.90 to 59.60.
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