Mumbai: The rupee continued its slide against the greenback and was quoted 25 paise cheaper late morning on 18 August on increased dollar demand from oil refiners amid inadequate supplies and steady crude prices.
In active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed sharply lower at 43.29/31 a dollar from its last weekend’s close of 43.01/02 and later was quoted at 43.26/27 a dollar.
Attributing the rupee’s continued fall to dollar surge in overseas markets, forex dealers said the market regulator Sebi’s decision to continue with the curbs on the guidelines for participatory notes (PNs) caused concerns about more capital outflows from the equity markets.
They said oil refiners too were heavy buyers in dollar with the global crude oil prices ruling around $115 a barrel in Asian trade this morning.
Indian stock markets were volatile in morning trade and showed signs of recovery.