Twitter

Facebook

Youtube

Pintrest

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
Rupee plunges at close
Last Updated : 16 Nov 2012 08:59:39 PM IST
Indian currency rupee
File photo of Indian currency rupee.
 

The rupee on Friday weakened by a whopping 46 paise to close at a fresh 2-month low of 55.16 on the back of a surge in US dollar demand from importers and sustained weakness in local stock market.


The rupee commenced lower at 54.85 a dollar from its previous close of 54.70 at the Interbank Foreign Exchange (Forex) market today and immediately touched a high of 54.83 tracking the initial rise in domestic stock market.
 

However, it later turned weak and fell to a low of 55.20 on a strong dollar in overseas market amid investors winding up positions in global equities, said traders.

Coupled with a surge in dollar demand and sudden sell-off in Indian stocks, the rupee remained under pressure to finally close at 55.16 -- a fall of 46 paise or 0.84 per cent.

As global stock markets took a plunge on risk aversion, investors bet on the US currency, driving up the Dollar Index by 0.29 per cent against a basket of six major rivals.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "The US "fiscal cliff" concerns continued to dominate global financial markets. A weak domestic sentiment also added fuel to the weakening momentum as the rupee touched September 13 lows. Defence-related payments and FCCB redemptions this month also put pressure."

The Indian stock market benchmark Sensex today closed down by 162 points or 0.88 per cent at two-month lows.

"The earlier gains in rupee were seen on account of recovery in the euro. The weakness in rupee was supported by the sudden fall in the local stock markets," said Abhishek Goenka, Founder & CEO, India Forex Advisors.

Yesterday, rupee had snapped a three-day losing trend by rising 18 paise.
 

"Redemptions worth USD 261 million are scheduled for this month. That exerted downward pressure on rupee," said Brahmbhatt.

The premium for the forward dollar ended with slight changes either sides.

The benchmark six-month forward dollar premium payable in April edged up to 144-1/2-146-1/2 from overnight close of 144-146 paise.

However, far-forward contracts maturing in October softened to 280-1/2-282-1/2 paise from 281-283 paise.

The RBI has fixed the reference rate for the US dollar at 54.9915 and for euro at 70.2230.

The rupee fell back sharply against the pound sterling to 87.40 from Thursday's close of 86.72 and also dropped against the euro to 70.25 from 69.82.

It also reacted downwards against the Japanese yen to 67.98 per 100 yen from 67.41.
 


Post Your Comment (0 posted):
Post your comment Post Your Comments
Your name :
Your e-mail address :
Your website :
Add your comments :
Please enter the code you see in the image:
Security Code :

Always being under the gaze of the camera makes celeb mishaps all the more visible. Here i

Murder during sex-- its just unbelievable. But this is what happened in America when a tee

Is Bollywood encashing Sunny Leone’s porn image in the movies?

This teenaged girl can't have sex or babies due to rare condition that left her without re

In an age of smartphones, wi-fi and Insta-fame,many MMS scandals of famous Bollywood act

With the World Cup just weeks away, the lingerie version with scantily clad beauties took

Sexy Samantha Ruth Prabhu is a famous Tollywood actress, who mainly works in the Telugu an

Honda will most probably launch the CBR 300R in the month of December after Kawasaki offer

It's not the tall, dark and handsome who rule the Bollywood but some of the shortest actor

In an illuminating article, Esquire writer Tom Junod has declared 42 to be the most alluri

Its homecoming of sorts for gorgeous former Miss Universe Sushmita Sen as she is set to s

Bollywood actress Sunny Leone was looking stunningly beautiful as she walk the ramp as t

Salman Khan a "national boyfriend" this name has been given to him by Karan Johar, Karan

Aamir Khan is fiercely protective about his movies, but the story of Peekay has been leake

Pakistani actress Saba Qamar's “Kambakht” is set to clash with Salman khan’s upcomin

People still think that Manju from Comedy Nights With Kapil is actually Kapil Sharma's rea

Recently, two Pakistani actresses have made inroads into Bollywood. Humaima Malick will be

These women can put to shame celebrities who boast of having a size zero figure. These wom

Rabiya Khan, the mother of deceased Bollywood actor Jiah Khan, assured the Bombay High Co

Another love lady of Akshay Kumar. Bollywood Khiladi has a long list of love affairs Sta

The makers of Homi Adajania's must awaited flick 'Finding Fanny' have released another son

Kenneth Douglas had sexually abused 100 dead women over the period between 1976 and 1992.

Buyers are always on the lookout for the cheap and best and here are the best budget smart


Samay Live

Samay Live

 

Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live

10.10.70.54