Rupee slips by 3 paise to nearly 1-week low of 60.13 vs dollar

Jul 28 2014, 19:23 IST
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The Reserve Bank of India fixed the reference rate for dollar at 60.1013 and for the euro at 80.7385.(Thinkstock) The Reserve Bank of India fixed the reference rate for dollar at 60.1013 and for the euro at 80.7385.(Thinkstock)
SummaryIn three straight days, rupee has now fallen by 8 paise. Month-end dollar demand from importers, mainly refiners, and banks affected the rupee value against the dollar.

The rupee today ended lower by 3 paise to end at nearly a one-week low of 60.13 against the American currency on month-end dollar demand from importers and banks.

The rupee resumed lower at 60.12 per dollar as against the last weeekend's level of 60.10 per dollar at the Interbank Foreign Exchange (Forex) Market.

It hovered in a range of 60.08 per dollar and 60.1650 per dollar before ending at 60.13 per dollar, a marginal loss of three paise or 0.05 per cent. Today's closing is the rupee's weakest since July 22 (60.24).

In three straight days, rupee has now fallen by 8 paise.

Month-end dollar demand from importers, mainly refiners, and banks affected the rupee value against the dollar.

Pramit Brahmbhatt, Veracity Group CEO, said: "The USD-INR pair continues to trade in a thin range. Rupee has started the week on the lower side."

Local equities also traded weak and closed in the red for the day. The benchmark 30-share index Sensex dropped another 135.52 points or 0.52 per cent today. Month end dollar demand from oil importers will force rupee to depreciate further in coming days, he added.

In London, the dollar hovered near six-month highs against a basket of major currencies today.

In the forward market premium ended mixed due to uneven demand and supply transactions.

The benchmark six-month premium payable in December finished slightly lower at 216-1/2-218-1/2 paise against the last weekend's level of 217-219 paise while far-forward contracts maturing in June, 2015 settled higher at 469-1/2- 471-1/2 paise from 466-468 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.1013 and for the euro at 80.7385.

The rupee also fell against the pound to end at 102.14 from 102.05 previously and also dropped against the Japanese yen to 59.06 per 100 yen from from 58.98.

It, however, ended lower higher against the euro at 80.79 per euro as compared to 80.80 previously.

The forex and money markets will remain closed tomorrow on account of "Ramzan Id".

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