Rupee falls by 5 paise on late dollar demand
The rupee today lost five paise to close at 44.89/90 against the US currency on late dollar demand amid substantial capital outflows in last few days.
By PTI |
MUMBAI: The rupee today lost five paise to close at 44.89/90 against the US currency on late dollar demand amid substantial capital outflows in last few days.
"Rupee traded range bound to slightly weak, mainly taking cues from local equities which traded weak. Dollar demand from oil importers also helped dollar to gain against rupee. Euro also weakened against the greenback," Alpari Forex (India) CEO Pramit Brahmbhatt said.
"Looking at strong dollar one can expect rupee to trade near 45.00 in coming days and the trading range for the USD/INR will be 44.70 to 45.20 tomorrow," he added.
Sustained capital outflows also put pressure on the rupee. Foreign Institutional Investors withdrew USD 627.98 million in straight eight sessions since June 10.
Some weakness in local equities too impacted negatively. The benchmark Sensex, after moving erratically, closed lower by a mere 9.67 points, or 0.06 per cent.
In a lackadaisical trading at the Interbank Foreign Exchange (Forex) market, the rupee opened at 44.82/83 a dollar from last close of 44.84/85 and immediately touched a high of 44.80 on sustained dollar selling by exporters.
However, it fell back to a low of 44.91 before concluding at 44.89/90 on fresh dollar demand from importers and some banks.
"Rupee traded range bound to slightly weak, mainly taking cues from local equities which traded weak. Dollar demand from oil importers also helped dollar to gain against rupee. Euro also weakened against the greenback," Alpari Forex (India) CEO Pramit Brahmbhatt said.
"Looking at strong dollar one can expect rupee to trade near 45.00 in coming days and the trading range for the USD/INR will be 44.70 to 45.20 tomorrow," he added.
Sustained capital outflows also put pressure on the rupee. Foreign Institutional Investors withdrew USD 627.98 million in straight eight sessions since June 10.
Some weakness in local equities too impacted negatively. The benchmark Sensex, after moving erratically, closed lower by a mere 9.67 points, or 0.06 per cent.
In a lackadaisical trading at the Interbank Foreign Exchange (Forex) market, the rupee opened at 44.82/83 a dollar from last close of 44.84/85 and immediately touched a high of 44.80 on sustained dollar selling by exporters.
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However, it fell back to a low of 44.91 before concluding at 44.89/90 on fresh dollar demand from importers and some banks.
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