Rupee dips further against dollar in early trade
The rupee on Tuesday depreciated further against the US currency in volatile activity during morning trade on fairly heavy dollar demand and firm dollar overseas even as Asian equity markets turned strong.
By PTI |
MUMBAI: The rupee on Tuesday depreciated further against the US currency in volatile activity during morning trade on fairly heavy dollar demand and firm dollar overseas even as Asian equity markets turned strong.
In quiet active trade at the interbank foreign exchange (forex) market, the Indian unit resumed moderately lower at Rs 45.7575/7625 per dollar from Monday's close of Rs 45.72/73 per dollar and later dipped to a low of Rs 45.81/82 a dollar in the initial thirty minutes of trade.
The rupee, however, bounced back to 45.75/76 a dollar level in late morning deals on dollar sales at higher levels by exporters.
Forex dealers attributed the rupee weakness to strong dollar in overseas markets, which rose to an eight-month high against the Japanese Yen on Monday as a nuclear weapons test in North Korea rattled confidence in the currency of nearby Japan.
"The market witnessed volatile trade after resumption trade following heavy dollar demand with the rupee touching a low of 45.81/82 level for a brief period," dealers commented.
They said buoyant stock markets, however, had some positive impact on the rupee movement.
The indices on stock exchanges rallied smartly during morning trading.
In quiet active trade at the interbank foreign exchange (forex) market, the Indian unit resumed moderately lower at Rs 45.7575/7625 per dollar from Monday's close of Rs 45.72/73 per dollar and later dipped to a low of Rs 45.81/82 a dollar in the initial thirty minutes of trade.
The rupee, however, bounced back to 45.75/76 a dollar level in late morning deals on dollar sales at higher levels by exporters.
Forex dealers attributed the rupee weakness to strong dollar in overseas markets, which rose to an eight-month high against the Japanese Yen on Monday as a nuclear weapons test in North Korea rattled confidence in the currency of nearby Japan.
"The market witnessed volatile trade after resumption trade following heavy dollar demand with the rupee touching a low of 45.81/82 level for a brief period," dealers commented.
They said buoyant stock markets, however, had some positive impact on the rupee movement.
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The indices on stock exchanges rallied smartly during morning trading.
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