Rupee at 2-month low, tanks 39 p to 54.75 on $ demand, outflows

Dealers said forex trading was tepid ahead of Diwali holidays with currency markets slated to remain closed on November 13-14.

Meanwhile, the premium for the forward dollar softened further on sustained receipts by exporters.

The benchmark six-month forward dollar premium payable in April eased to 153-155 paise from Thursday's close of 154-156 paise.

Far-forward contracts maturing in October also ended a tad lower at 292-294 paise from 292-1/2-294-1/2 paise.

The RBI has fixed the reference rate for the US dollar at 54.3400 and for euro at 69.4274.

The rupee remained weak against the pound sterling to end at 87.33 from overnight close of 86.73 and also dipped further against the Japanese yen to 69.09 per 100 yen from 68.09.

The rupee, however, fell back against the euro to 69.61 from last close of 69.28.