Forex, money markets closed today for Milad-un-Nabi

The foreign exchange and money markets are closed on Wednesday on account of Milad-un-Nabi.

Snapping its two-day-long gaining string, the rupee had on Tuesday declined by three paise against the US currency to close at 45.52/53 following fresh dollar demand from importers despite rise in local equities amid a weak greenback overseas.

Forex dealers attributed the initial surge in the rupee value to sustained dollar selling by exporters and some banks on the back of weakness in dollar overseas. However, fresh dollar demand from importers and some banks later put pressure on the rupee.

Fresh capital inflows were also not able to help the Indian currency as Foreign Institutional Investors (FIIs) injected $50.19 million on February 14.

Meanwhile, the global crude oil was trading above $85 a barrel in the European market on Tuesday.

At the Interbank Foreign Exchange (Forex) market, the local currency opened better at 45.44/45 a dollar from last close of 45.49/50 and immediately touched a high of 45.38 on firm opening in stocks.

However, later it turned negative and dropped to a low of 45.5450 before concluding the day at 45.52/53.

The Reserve Bank of India has fixed the reference rate for the dollar at Rs 45.45 and the euro at Rs 61.43.