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Rupee falls 9 paise to 59.29 on dollar demand from importers

The rupee fell back slightly against pound to 99.50 from 99.47 previously and also turned negative to end down at 57.94 per 100 Japanese yen from 57.78. However, it recovered against the euro to 80.32 from 80.56.

twitter-logo PTI   Mumbai     Last Updated: June 10, 2014  | 18:36 IST
Rupee falls 9 paise to 59.29 on dollar demand from importers
(Photo: Associated Press)

The rupee extended losses for the second day in a row, declining further by nine paise to close at 59.29 against the US dollar on sustained dollar demand from importers amid a firm Greenback overseas.

Hesitancy in local equities also weighed on the rupee while sustained capital inflows continued to give support to it and also restricted the fall to certain extent.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced lower at 59.25 a dollar from previous close of 59.20 and was trapped in a narrow breadth of 59.22 and 59.33 before ending at 59.29, revealing a fall of nine paise, or 0.15 per cent.

The BSE Sensex on Tuesday moved erratically and closed almost stable, but just in positive terrain at new peak while FIIs picked up shares worth Rs 536.68 crore on Monday.

The dollar index was up by 0.24 per cent against its major global opponents ahead of data on job openings and wholesale inventories.

The premium for forward dollar fell back sharply on fresh receipts by importers. The benchmark six-month premium payable in November dipped to 241-243 paise from 249-251 paise previously.

Far-forward contracts maturing in May 2015 also tumbled to 487-489 paise from 505-507 paise.

The Reserve Bank of India fixed the reference rate for dollar at 59.2647 and for the euro at 80.5934.

The rupee fell back slightly against pound to 99.50 from 99.47 previously and also turned negative to end down at 57.94 per 100 Japanese yen from 57.78. However, it recovered against the euro to 80.32 from 80.56.

 

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