Rupee weakens by 5paise against dollar

Rupee weakens by 5paise against dollar

Mumbai: The rupee on Tuesday eased by 5paise against the US dollar on month-end dollar demand by oil exporters amid a fresh surge in local stocks.

At the Interbank Foreign Exchange market it moved in the range of Rs48.64 to Rs48.34 during the day after resuming slightly higher. It ended the day at Rs48.47/48.

Forex dealers said oil refiners bought dollars at the month-end for their import payments amid tight supplies of the greenback.

Rupee demand also remained weak due to capital outflows during the last week, they added.

The global crude oil prices traded around $40 a barrel in Asian trade on Tuesday, while the BSE benchmark Sensex closed 183 points up.

The Sensex closed at 9,716.16 points higher on hopes of announcement of another stimulus package by the government to boost economy.

The Reserve Bank of India, however, fixed the reference rate for the US dollar at Rs48.50 and for the Single European currency at Rs67.95.

The rupee premium on the forward dollar dropped sharply on heavy buying by exporters.