Rupee falls 36p to 62.93 per $
22 Nov 2013 12:20 AM GMT
The rupee fell for the second day against the dollar on Thursday in tandem with local equities, losing 36 paise to 62.93 as indications of an imminent tapering by the Federal Reserve strengthened the US currency.
Lower stock purchases by foreign institutional investors and sustained dollar demand from importers, mainly oil refiners, also put pressure on the rupee, a forex dealer said.
At the interbank foreign exchange market, the rupee opened weak at 62.85 a dollar from 62.57 previously and moved in a tight range before ending at 62.93, a fall of 36 paise or 0.58 per cent. On Wednesday, it declined 21 paise or 0.34 per cent. Asian currencies were weak due to strong US data and the FOMC minutes released on Wednesday, added the forex dealer.
Lower stock purchases by foreign institutional investors and sustained dollar demand from importers, mainly oil refiners, also put pressure on the rupee, a forex dealer said.
At the interbank foreign exchange market, the rupee opened weak at 62.85 a dollar from 62.57 previously and moved in a tight range before ending at 62.93, a fall of 36 paise or 0.58 per cent. On Wednesday, it declined 21 paise or 0.34 per cent. Asian currencies were weak due to strong US data and the FOMC minutes released on Wednesday, added the forex dealer.
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