Indian rupee slips under 62 vs US dollar, posts biggest weekly loss in five

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Indian rupee slipped against the US dollar as RBI interest rate hike fears led stocks lower. Indian rupee slipped against the US dollar as RBI interest rate hike fears led stocks lower.
SummaryIndian rupee slipped against the US dollar as RBI interest rate hike fears led stocks lower.

on fresh payments from banks and corporates.

The benchmark six-month forward dollar premium payable in May edged up to 246-248 paise from 245-247 paise previously and far-forward contracts maturing in November firmed up to 489-491 paise from 484-1/2 to 486-1/2 paise.

The RBI fixed the reference rate for the dollar at 62.1266 and for the euro at 85.4135.

The rupee bounced back to 101.14 against the pound from the overnight close of 101.38 and recouped to 59.92 per 100 Japanese yen from 60.15. It, however, moved down to 85.31 per euro from 85.14.

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