Indian Rupee continued weakness vs. US Dollar

The Rupee today extended losses to close at 42.96/97 against the US Dollar, weakening by about ten paise from its previous close of 42.86/87 on negative cues in local equity market and high global crude oil prices.

The Indian currency fell to an intraday of 42.99 per dollar in the mid-morning trading session, tracking a sharp fall in the stock market. Later, it recovered slightly before closing on suspected intervention by the Reserve Bank of India, dealers said.

The Indian unit recovered from its early lows after the central bank was seen selling dollars and as the stock market bounced off early lows, dealers added.

Reportedly, RBI was seen selling dollars at the level of 42.92 per dollar after the currency weakened in early deals on weak global cues, a senior dealer with a leading private sector said.

Reserve Bank of India (RBI) today fixed the reference rate for US Dollar flat at Rs 42.89 per unit as compared to previous rate.

The six-month premium was quoted higher at 2.63 (2.55) per cent and annualised premium closed at 2.17 (2.15) per cent.

Meanwhile, Rupee ended the day firm at 66.71/72 (67.42/43) per unit against Euro. It closed at 84.07/08 (84.64/65) per unit against the Pound Sterling and ended firm at 40.23/24 (40.45/46) per hundred units against the Japanese Yen. Rupee / US Dollar Forex Currency News, Gold in India, and The Sensex index on the Bombay Stock Exchange (BSE). Euro / Rupee and Yen / Rupee.

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