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Indian rupee continues decline vs dollar, falls 22 paise

Oct 22 2013, 11:57 IST
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SummaryIncreased demand for the dollar from importers and banks also put pressure on the local currency.

Indian rupee continued to fall for third trading day today, slipping 22 paise to 61.74 per dollar on sustained demand for the US currency from importers and banks amidst its higher value overseas inspite of good foreign capital inflows.

The rupee resumed lower at 61.71 per dollar as against the last closing level of 61.52 at the Interbank Foreign Exchange (Forex) Market.

It hovered in a range of 61.69 and 61.83 per dollar before quoting at 61.74 at 1040 hours.

Persistent dollar demand from importers mainly affected the rupee value, a forex dealer said.

The Indian benchmark BSE-30 share index Sensex moved up by 8.23 points or 0.04 per cent to 20,902.12 at 1045 hours.

In New York, the dollar scored minor gains versus rivals yesterday as traders awaited a round of US economic data, including September non-farm payrolls, previously delayed by the government shutdown.

Meanwhile, in the global market, crude oil prices stayed below USD 100 as investors digested a steep increase in stockpiles following slow refinery activity, analysts said.

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