Rupee down 15 paise against dollar

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Agencies: Mumbai, Nov 23 2012, 10:15 IST

Tags: Rupee Vs US Dollar | Forex Market | Stocks Market | Banking News

The rupee declined for fourth day in a row by losing 15 paise to Rs 55.36 per dollar in early trade today following sustained dollar demand from importers.

However, a higher opening in the equity markets and slightly weak dollar against the euro overseas amid continued foreign fund inflows limited the fall, dealers said. Meanwhile, the BSE benchmark Sensex rose 32.17 points, or 0.17 per cent, to 18,549.51.

The domestic unit had lost 9 paise to close at fresh two-and-a-half-month low of Rs 55.21 per dollar in the previous session on continued dollar demand from importers.

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Timing of Reforms

Madan Menon Thottasseri | 24-Nov-2012Reply | Forward

In the first week of October,2012 while rupee rose to a five-and-half month high, breaching 52 to the dollar, on the back of gains in riskier assets at a time the government commenced announcement of further reforms measures. The cabinet was set then to approve bills so as to raise limits on FDI mainly in insurance sector and tapping the same for opening the pension sector. Fortunately sustained capital inflows and higher opening in the equity market helped the rise of rupee. Later on the continued dollar demand from banks and importers on seeing the firm dollar in the overseas market adversely affected the rupee value against the dollar. It was evident from the fact that the dollar index pushed above the 80 mark for the first time by mid October, 2012.