Rupee down 51 paise Vs dollar
sentiments in global markets continued to build downward pressure on the dollar index which in turn kept a check on rupee's weakness," Alpari Financial Services (India) CEO Pramit Brahmbhatt said.
However, the dollar index, a gauge of six major global currencies, was down by 0.35 per cent and New York crude oil was quoting below USD 89 a barrel in Europe today.
"The Euro is trading one month high against the US dollar after Germany said they are ready to write off the debt of Greece, which will help in reducing the debt burden of Greece.
We might see continuous demand for dollar due to the number of FCCB redemptions in the month of December," said Abhishek Goenka, Founder & CEO, India Forex Advisors.
The premium for the forward dollar ended strong on sustained paying pressure from banks and corporates.
The benchmark six-month forward dollar premium payable in May hardened to 170-171-1/2 from last Friday's close of 165-167 paise.
Far-forward contracts maturing in November strengthened further to 317-319 paise from 309-311 paise.
The RBI has fixed the reference rate for the US dollar at 54.5610 and for euro at 71.0815.
The rupee also fell back against the pound sterling to 87.96 from last weekend's close of 87.09 and also dropped to 71.35 per euro from 70.62.
It plunged against the Japanese yen to 66.71 per 100 yen from last close of 65.63.
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