Millennium Post

Rs dips by 10p to one-week low of 54.62 against $

Despite a partial recovery on lower-than-expected headline inflation, the rupee on Monday closed down by 10 paise at a one-week low of 54.62 on sustained dollar demand from importers and capital outflows. Forex dealers said that the US currency gaining strength against rivals overseas also weighed down on the rupee sentiment.

However, recovery in local equities cushioned the fall to some extent, they added. The local currency commenced the day on a bearish note at 54.65 against the dollar from Friday’s close of 54.52 at the Interbank Forex market. Later, it fell to a low of 54.79 before gaining some ground to 54.58 and closing at 54.62, down 10 paise (0.18 per cent) from its previous close. This is the local currency’s lowest level since April 5, when it had fallen to 54.81 against the dollar.

Foreign institutional investors continued to remain bearish on domestic stocks and pulled out around $77 million (Rs 418.37 crore) from markets, according to BSE provisional data.
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