Rupee eases on euro’s retreat, importer demand

Rupee eases on euro’s retreat, importer demand

Mumbai: The rupee weakened on Wednesday dragged by negative local shares, euro’s retreat and dollar demand from oil companies for month-end import payments.

At 12:55pm, the partially convertible rupee was at 45.82/83 per dollar, weaker from Tuesday’s close of 45.625/635.

The unit has so far moved in 45.71-45.84 band and could weaken to 45.90 if the demand for dollars stays strong, traders said.

The euro was at $1.4398 from $1.4484 at the end of domestic currency market on Tuesday, while the index of the dollar against six major currencies was at 73.977 points from 73.613 points previously.

The local benchmark share index was down 0.7% in choppy trade weighed by concerns over the health of the global economy.