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Rupee down on local shares, importer demand

Rupee down on local shares, importer demand
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First Published: Mon, Jul 25 2011. 10 01 AM IST
Updated: Mon, Jul 25 2011. 10 01 AM IST
Mumbai: The rupee fell on Monday weighed by a slight pullback in the euro, weakness in local shares and likely dollar demand from oil companies for import payments.
At 9:27am, the partially convertible rupee was at Rs 44.4025/4050 per dollar, weaker than Friday’s close of Rs 44.3625/3725.
The euro was at $1.4376 versus $1.4402 at close of forex trade on Friday and the index of the dollar against six major currenices was down 0.04% at 74.172, but higher from 74.068 at end of domestic currency trade on Friday.
The benchmark local share index was down 0.2% with financials leading the losses, after US debt woes pulled down Asian equities.
Oil is India’s biggest import item and local oil companies are the largest purchasers of US unit in domestic currency market.
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First Published: Mon, Jul 25 2011. 10 01 AM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |