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Rupee falls as importers buy dollars

Rupee falls as importers buy dollars
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First Published: Fri, Aug 29 2008. 01 10 AM IST
Updated: Fri, Aug 29 2008. 01 10 AM IST
Mumbai: The rupee declined on speculation that importers bought dollars to pay month-end bills.
The currency is headed for a monthly decline on concern slowing growth, 16-year high inflation and equity losses will result in capital outflows.
A government report on Friday may show the economy expanded at the slowest pace in almost three years in the second quarter. A four-day advance in crude oil prices also spurred speculation refiners will increase dollar purchases to import the commodity.
“Dollar demand at the end of the month end and outflows from the equity markets persisted,” said Vikas Babu a currency trader at Andhra Bank in Mumbai.
The rupee weakened to 43.7735 against the dollar at close in Mumbai, from 43.7535 on Wednesday, according to data compiled by Bloomberg. The economy expanded 8% in the three months through June, the slowest since September 2005, according to the median forecast of economists in a survey.
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First Published: Fri, Aug 29 2008. 01 10 AM IST
More Topics: Rupee | Dollars | Inflation | Equity | Capital |