`Rs dips 34 p to one-week low of 66.48 against $
1 Sept 2015 6:43 AM IST
The rupee dropped further by 34 paise to close at one-week low at 66.48 against the American currency on persistent month-end dollar demand from importers coupled with fall in crude oil prices despite lower dollar in the overseas market. Fresh fall in <g data-gr-id="23">equity</g> market also affected the rupee value against the dollar.
The rupee resumed lower at 66.25 per dollar against the last Friday's closing level of 66.14 at the Interbank Foreign Exchange (Forex) market and dropped further to 66.4950 per dollar before ending at one-week low at 66.48 per dollar, showing a loss of 34 paise or 0.51 <g data-gr-id="19">per cent</g>.
The rupee had last closed at 66.65 on August 24, 2015. The domestic currency dropped by 44 paise or 0.67 <g data-gr-id="25">per cent</g> in the two days. It moved in a range of 66.4950 and 66.20 during the day. Oil prices fell in Asia today, coming under pressure as dealers took profits from huge gains in the previous session and tried to gauge the outlook for the US economy and its taste for crude. US benchmark West Texas Intermediate for October delivery eased 79 cents to $44.43 while Brent crude for October fell $1.00 to $49.05 in late-morning trade.
Globally, In New York, the US dollar trading lower against its major rivals, but off recent lows as investors kept alive hope that US jobs data later this week would give the US Federal Reserve reason to raise interest rates as early as next month. In Tokyo, the dollar was lower against the yen and the euro in Asian trade today, with weakness in Asian stock markets again prompting flights to the perceived safety of the Japanese and <g data-gr-id="26">eurozone</g> currencies.
The Indian benchmark <g data-gr-id="21">sensex</g> ended lower by 109.29 pts or 0.41 <g data-gr-id="22">per cent</g> on Monday. Mr. Pramit Brahmbhatt, Veracity Group CEO said," Today also Rupee depreciated against the dollar to close at 66.48 taking cues weakness in local equities as investors continued to stay away from the uncertain market".
Sensex drops by 109 points
The S&P BSE Benchmark Sensex snapped its last 2-day winning spree, ending lower by 109.29 points to close at 26,283.09 due to fag-end selling pressure from operators on the back of lower Asian cues. Indication of lower opening in US index futures also affected the market sentiment. Meanwhile, the government will release the data on gross domestic product (GDP) for Q1 June 2015 later on Monday.
Meanwhile, investors continue to watch the performance of the monsoon rains which will have a bearing on food prices and rural income as cumulative rainfall during this year’s monsoon season was 12 pt below the Long Period Average (LPA) until 30 August. Shares of power, realty, capital goods and auto sectors fell on profit-booking.
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