Twitter

Facebook

Youtube

Pintrest

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
Rupee falls vs dollar at close
Last Updated : 23 Sep 2013 11:08:49 PM IST
Indian currency rupee
File photo of Indian currency rupee.

 

The rupee on Monday in Mumbai depreciated by another 37 paise to close at 62.60 against the dollar following good month-end demand for the US currency from importers and a fall in local equities on rate hike concerns.


The rupee opened at 62.55 a dollar from the previous close of 62.23 at the interbank foreign exchange market. It moved in a range of 62.34 and 62.73 before ending at 62.60, a fall of 37 paise or 0.59 per cent. Last Friday, it declined by 46 paise.

"All the major Asian currencies were seen trading weaker against the US dollar and global stock markets were down," said Abhishek Goenka, CEO of India Forex Advisors. "Negative stock markets continued to put pressure on the rupee."


Month-end dollar demand from importers, mainly oil refiners, affected the rupee.

The benchmark S&P BSE Sensex today fell 362.75 points, or 1.79 per cent, on concern the RBI would increase rates further, after Friday's surprise hike, to curb inflation.

"The trading range for the spot USD-INR pair is expected to be within 62.10 to 63.10," said Pramit Brahmbhatt, CEO of Alpari Financial Services (India).

Rupee falls by another 37 paise to 62.60 vs USD on weak stocks at close:

Foreign institutional investors bought a net USD 214.77 million of shares on Friday, according to Sebi data.

US stocks fell last Friday after Federal Reserve Bank of St Louis President James Bullard said the Fed could make a small stimulus reduction at its next meeting in October.

A tapering of the monthly USD 85 billion bond purchases could see an outflow of dollars from emerging markets, including India, as a recovering US economy draws investors.


Department of Economic Affairs Secretary Arvind Mayaram today said there is no room to be fearful of the rupee tanking when the US Fed eases the monetary stimulus because the Indian government has enough ammunition to deal with the situation.

Mayaram said the rupee should ideally be at 58-60 to a dollar, based on the intrinsic value of the domestic currency.

Forward dollar premiums recovered on fresh payments from banks and corporates.

The benchmark six-month forward dollar premium payable in February edged up to 232-237 paise from 232-235 paise previously and far-forward contracts maturing in August improved to 438-443 paise from 433-438 paise.

The RBI fixed the reference rate for the dollar at 62.52 and for the euro at 84.6710.

The rupee dropped to 100.50 against the pound from 99.76 on Friday and to 84.59 per euro from 84.26. It dipped against the Japanese yen to 63.29 per 100 yen from 62.62.
 


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:
Code

super luxury car maker Rolls-Royce is gearing up to tap the country's Billionaires with ne

Coming-of-age drama 'Boyhood' won three of the biggest awards at the BAFTA 2015 but it was

Sunny Leone is seen scorching the screen in the first look of Leela with her bold acts.

Samsung unveiled the Galaxy S6 and Galaxy S6 Edge at Mobile World Congress in Barcelona, S

Reality TV star Kim Kardashian reportedly wants Beyonce to buy a house in her gated commun

Automaker Renault India today said it will roll-out a multi-purpose vehicle 'Lodgy' and a

Pharma tycoon Dilip Shanghvi surpassed Mukesh Ambani as the world's richest Indian with a

When Holi is round the corner, can anyone forget all-time hit Bollywood songs?

In an interim order, the Bombay High Court has restrained the city police from arresting o

Good news for the fans’ of Salman Khan and Deepika Padukone.

Reality TV star Kim Kardashian has posed nude for the upcoming 10th season of 'Keeping Up

Bollywood superstar Akshay Kumar and Actress cum Entrepreneur Shilpa Shetty Kundra have pa

Kashmir witnessed season's heaviest snowfall as the arterial Jammu-Srinagar National Highw

Mexican actress Stephanie Sigman has joined Monica Bellucci and Lea Seydoux as the new bon

Luxury carmaker Mercedes-Benz launched the all-new compact B-Class in both petrol and dies

Bollywood actor Poonam Pandey, gets relief as a local court in Bengaluru quashed a case pe

Automaker Renault India launched the new generation Duster priced at Rs 8.30 lakh (Delhi e

Now Bollywood A-list actors are competing to get nude on-screen.

The 2015 edition of the International Indian Film Academy Awards is set to enthrall Bollyw

India defeated Zimbabwe by six wickets chasing 288 runs target in World Cup Match.

Donning a white suit, carrying a gun and flashing a wide grin, actor John Abraham shows of

A new app that allows dog owners to connect and perhaps find love for themselves.

Xiaomi the smartphone giant which offers great features at less prices has yet made anothe


Samay Live

Samay Live

 

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

10.10.70.45