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Rupee near 2-week low on strong dollar, importer demand

Rupee near 2-week low on strong dollar, importer demand
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First Published: Thu, Aug 04 2011. 02 22 PM IST
Updated: Thu, Aug 04 2011. 02 23 PM IST
Mumbai: The rupee hovered near a two-week low on Thursday weighed by dollar’s gains following Japan’s intervention to stem the yen’s rise supported by robust dollar demand from oil refiners for import payments to Iran.
At 1:45pm, the partially convertible rupee was at 44.4500/4550 per dollar, weaker than Wednesday’s close of 44.31/32.
Volatile local shares added to rupee’s woes, traders said.
The yen slid 3% versus the dollar on Thursday as Japan intervened to curb the currency’s strength to support its export-led economy, one day after the Swiss central bank unveiled a shock cut in interest rates to cap a soaring Swiss franc.
The index of the dollar against six major currencies was up 1 percent to 74.784 points from 74.148 points at end of local forex trade on Wednesday.
The euro was at $1.4236 versus $1.4290 when the rupee closed on Wednesday.
Refiners have been buying dollars for days to clear dues of about $5 billion to Iran. The payments had been held up for seven months after the Indian central bank scrapped a clearing mechanism last December.
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First Published: Thu, Aug 04 2011. 02 22 PM IST
More Topics: Markets | India | Rupee | Economy | Currency |