|
|
|
|
|
15th Ramzanul Mubarak 1436 | Friday, Jul 03, 2015
Business

Rupee tumbles by 33 paise at 54.47 Vs dollar

Saturday, 8 December 2012
Comments(0)
Mumbai, December 08:

The rupee Friday fell from its one- month high level by losing a sharp by 33 paise to end the day 54.47 against the US currency due to a firm dollar overseas, even as the government won the FDI vote in Rajya Sabha.

The local unit resumed lower at 54.25 a dollar against last close of 54.14 at the Interbank Foreign Exchange (Forex) market but immediately touched a high of 54.09 on initial dollar selling by exporters and persistent capital inflows.

However, it later turned negative and logged a low of 54.57 before closing at 54.47, a fall of 33 paise, or 0.61 percent, from its previous close.

Forex dealers said fresh dollar demand from importers also weighed on the rupee sentiment, while sustained foreign fund inflows into local stocks capped its fall to some extent.

Foreign institutional investors pumped in USD 118.9 million Friday, according to the provisional data available on bourses.

Meanwhile, the BSE benchmark Sensex Friday declined by 62.70 points to 19,424.10.

The rupee had hit one-month high of 54.14 against the dollar yesterday, after BSP chief Mayawati decided to lend her party's support to the government on allowing foreign direct investment (FDI) in the multi-brand retail segment.

In the last three sessions, the local unit had gained 63 paise against the dollar.

"The rupee's weakness was mainly on account of a strong recovery in the dollar index after US economy posted a better than expected data.

"During the day, the rupee appreciated slightly after the Indian government won retail FDI vote in Rajya Sabha. 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 percent 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 Friday.

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.

PTI

Latest News

Now UK school bans skirts to prevent male teachers getting distracted

A school headmistress has banned skirts at a secondary school in the UK’s West Midlands region to ...

ABVP protests at St Stephen's College...

The Akhil Bharatiya Vidyarthi Parishad (ABVP) on Friday staged protests at St. Stephen`s College in the north campus here over the alleged s ...

DS never helped BCs: Akula Lalitha

Taking serious objection at former PCC Chief D Srinivas, who tendered his resignation to the Congress party on Thursday, newly-elected Congr ...

Related News

Tax, penalty to be levied at market price under black money law

Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valu ...

Traders against proposed GST; say it is more complex

With the government hopeful of passing Constitutional amendment bill on the Goods and Services Tax ( ...

BSNL, MTNL merger decision in 4-5 months

The decision on merging state-run BSNL and MTNL will be taken in the next four-five months, Telecom ...

Post new comment

To combat spam, please enter the code in the image.

Rs. 25930 (Per 10g)

Opinion Poll
Do you think 'Operation Late Nigt' of the city police should be continued during Ramzan too?
YesNoCan't say

Matrimony | Photos | Videos | Search | Polls | Archives | Advertise | Letters

© The Siasat Daily, 2012. All rights reserved.
Jawaharlal Nehru Road, Abids, Hyderabad - 500001, Telangana, India
Tel: +91-40-24744180, Fax: +91-40-24603188
contact@siasat.com