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Rupee depreciates further vs dollar

Rupee depreciates further vs dollar
PTI
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First Published: Mon, Jun 25 2007. 11 14 AM IST
Updated: Mon, Jun 25 2007. 11 14 AM IST
Mumbai: The rupee today depreciated further against the US currency and was quoted at 40.81/82 in late morning deals on dollar purchases by importers.
In quiet trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened slightly lower at 40.76/78 a dollar from Friday’s (22 June) close of 40.75/76 per dollar.
It dropped further to 40.81/82 a dollar in late morning deals, down by six paise over previous close.
Forex dealers said high global crude oil prices forced oil refinery companies to buy dollar to meet their import requirements.
Suspected intervention of the Reserve Bank of India (RBI) at rupee’s higher levels also weighed on the rupee sentiment.
As per provisional data, Foreign Institutional Investors (FIIs) were net sellers on 22 June, which also partly weighed on the rupee.
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First Published: Mon, Jun 25 2007. 11 14 AM IST