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Rupee loses 5 paise against a US dollar

Rupee loses 5 paise against a US dollar
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First Published: Tue, Jul 15 2008. 09 03 AM IST
Updated: Tue, Jul 15 2008. 09 03 AM IST
PTI
Mumbai: Snapping its four-session gaining streak, the rupee today lost five paise to close at 42.92/93 against the greenback on demand for dollar amid a bearish trend in stock markets.
At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 42.82/84 from last weekend’s close of 42.87/88 per dollar.
Dealers attributed positive opening of the rupee to dollar sales by exporters at higher levels and lack of any dollar demand. Later, it fell back sharply and ended the day at 42.92/93 as demand for dollar picked up.
While Indian benchmark Sensex ended lower by 139 points, most of the other Asian indices ended in the red, affecting the rupee sentiment.
Forex dealers said dollar buying by banks on behalf of their clients to meet their import requirements also weighed on the rupee.
The global crude oil prices remained high near $144 a barrel in Asian trade today. According to analysts, the rupee might trap in a narrow range and could not fall sharply on expectations of stern monetary measures by the apex bank to contain the spiralling inflation.
The Reserve Bank of India fixed the reference rate for the dollar at Rs42.82 and for the Single European currency at Rs68.07.
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First Published: Tue, Jul 15 2008. 09 03 AM IST
More Topics: Rupee | currency | dollar | crude oil prices | RBI |