Rupee dips another 33p
16 July 2013 11:20 PM GMT
The Indian rupee ended lower by 33 paise to 59.89 against the American currency on fresh dollar demand for the US currency from banks and importers on the back of higher dollar overseas.
The rupee resumed lower at 59.93 per dollar as against the last weekend's level of 59.56 at the Interbank Foreign Exchange (Forex) market.
It hovered in a range of 59.77 per dollar and 60.07 per dollar during the day before ending at 59.89 per dollar, showing a loss of 33 paise or 0.55 per cent from its last close.
Fresh dollar demand from banks and importers on the back of its firm value in the overseas market mainly affected the rupee value against the US currency.
In New York, the US dollar advanced against major rivals on last Friday, gaining against the euro on worries about Portugal and France.
Pramit Brahmbhaat, CEO, Alpari Financial Services, (India) said the Indian Rupee weakened on Monday taking cues from the surprise drop in the industrial output. Fall in exports and higher retail inflation according to the data released on Friday added the worries for the Indian economy which is already going through a record current account deficit. Spot Rupee depreciated by almost 50 paise during the day as the dollar index, which measures the US currency's value against a basket of six major currencies traded strong throughout the day but Rupee recovered slightly with the help of local equities which closed on a positive note.
The rupee resumed lower at 59.93 per dollar as against the last weekend's level of 59.56 at the Interbank Foreign Exchange (Forex) market.
It hovered in a range of 59.77 per dollar and 60.07 per dollar during the day before ending at 59.89 per dollar, showing a loss of 33 paise or 0.55 per cent from its last close.
Fresh dollar demand from banks and importers on the back of its firm value in the overseas market mainly affected the rupee value against the US currency.
In New York, the US dollar advanced against major rivals on last Friday, gaining against the euro on worries about Portugal and France.
Pramit Brahmbhaat, CEO, Alpari Financial Services, (India) said the Indian Rupee weakened on Monday taking cues from the surprise drop in the industrial output. Fall in exports and higher retail inflation according to the data released on Friday added the worries for the Indian economy which is already going through a record current account deficit. Spot Rupee depreciated by almost 50 paise during the day as the dollar index, which measures the US currency's value against a basket of six major currencies traded strong throughout the day but Rupee recovered slightly with the help of local equities which closed on a positive note.
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