Millennium Post

Rs dips for 2nd day, slips 24p to 54.38 per $

The Indian rupee extended losses against the dollar for the 2nd consecutive day by slipping another 24 paise to end at 54.38 per dollar on persistent dollar demand from banks and importers on the back of higher dollar in the overseas market.

The rupee resumed lower at 54.24 per dollar as against the last closing level of 54.14 per dollar at the Interbank Foreign Exchange Market and dropped to a low of 54.42 per dollar before ending at 54.38, showing a net loss of 24 paise or 0.44 per cent.It hovered in a range of 54.24 per dollar and 54.42 during the day. Persistent dollar demand from banks and month-end dollar buying from importers in view of firm dollar in the overseas market mainly affected the rupee value against the dollar.
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