Rupee tumbles by 33 paise Vs US dollar
However, this appreciation was temporary as the news was already priced in," India Forex Advisors Founder and CEO Abhishek Goenka said.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "The rupee erased the most of yesterday's gains after the dollar index advanced sharply on weaker Euro due to stark warning issued by Bundesbank to Germany over growth prospects, he added.
The dollar index, a gauge of six major global rivals, was up by 0.26 per cent after European Central Bank President Mario Draghi yesterday hinted that the bank could lower interest rates.
Meanwhile, the New York crude oil was quoting above USD 86 a barrel in Europe today.
The premium for the forward dollar moved down further on sustained receipts by exporters.
The benchmark six-month forward dollar premium payable in May slipped to 165-1/2-167 paise from yesterday's close of 168-169-1/2 paise.
Far-forward contracts maturing in November also declined to 313-314-1/2 paise from 316-1/2-318-1/2 paise.
The RBI has fixed the reference rate for the US dollar at 54.2018 and for euro at 70.2175.
The rupee also turned negative against the pound sterling to end at 87.26 from Thursday's close of 87.21 and also dipped against the Japanese yen to 66.14 per 100 yen from 65.72.
It, however, improved further to 70.38 per euro from last close of 70.75.
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