Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Opinion / Online-views/  Rupee weakens against US dollar
BackBack

Rupee weakens against US dollar

Rupee weakens against US dollar

Premium

Mumbai: The rupee Wednesday depreciated by five paisa to 39.4250/4350 as against the US currency in late morning deals on month-end dollar buying and sluggish Asian equity markets amid expectations of a possible interest rate cut by the US Federal Reserve today.

In fairly active trade at the Interbank Foreign Exchange market, the domestic currency resumed slightly better at 39.36/38 a dollar from Tuesday’s close of 39.3750/3850 a dollar. But it fell back sharply to quote at 39.4250/4350 in late morning deals.

Dealers attributed fall in the rupee to weakness in Asian equity markets. The Indian benchmark Sensex was down by nearly 128 points in early trade while other Asian indices were quoted down by 0.25% to 2.25% Wednesday morning.

There was some dollar buying by banks on behalf of their clients, mainly oil refiners, to meet their month-end dollar demand, impacting negatively on the rupee.

Global crude was quoted above $92 a barrel in Asian tradeWednesday.

The Reserve Bank of India, however, in its quarterly monetary policy review Tuesday maintained status quo on its key interest rates cut decision due to inflation concerns.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 30 Jan 2008, 11:52 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App