- Actress Karthik has narrow escapeCongrats! Rohit Sharma gets engaged to best friendUnknown facts of Sunny LeoneWomen gets intimate at bed timePICS:Solar plane to cross Pacific in 5 days, 5 nightsSexy Priyanka shares her style secret!Hero’s fuel economy claim is misleading: HondaRekha is still young in her mind and approachTime to take my experience back to Pakistan: Ali ZafarWilliam and Kate back home with Britain\'s new princess
Sim Bhullar, the seven-footer who became the first Indian-origin hoopster to play in the g
Rupee falls vs dollar at close Last Updated : 23 Sep 2013 11:08:49 PM IST 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):
Actress Barbra Streisand's dog went wild during a plane trip and bit a female flight atten
- Film industry should look beyond the market: Pranab Mukherjee
- Sexy Sunny cheers for Kings XI Punjab
- Katrina-Aditya spent 12 hours to get intimate!
- Actress Karthik has narrow escape
- Kangana gives miss to traditional outfit
- Unknown facts of Sunny Leone
- Ranveer explains his hospital selfie
- Strange! Ali Zafar to quit Hindi movies
Waste tyres can be a great environmental concern but a professor at a Japanese university
The Haryana government launched seven e-services and software applications in a measure to