Indian rupee down 5p to 62.14 against US dollar as equities turn weak

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SummaryIn volatile trade, the Indian rupee fell against the US dollar to its lowest level in more than two weeks.

decisions and, therefore, is not likely to be surprised by these "moderate changes."

"Fed's decision to taper means less amount of money flow in global and emerging markets, which was rupee-negative," said Harihar Krishnamoorthy, Head - Treasury at FirstRand Bank. "Exporters interest came as the forward premium were at attractive levels, which helped the rupee."

Forward dollar premiums dropped sharply on sustained receipts by exporters.

The benchmark six-month forward dollar premium payable in May tumbled to 235-237 paise from 243-245 paise yesterday and far-forward contracts maturing in November plunged to 474-1/2 to 476-1/2 paise from 486-1/2 to 488-1/2 paise.

The RBI fixed the reference rate for the dollar at 62.3800 and for the euro at 85.2945.

The rupee declined further to 101.79 against the pound from 101.52 previously and recovered to 85.03 per euro from 85.40. It bounced back to 59.69 per 100 Japanese yen from 60.32.

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