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Rupee snaps 6-day winning spree

The Indian currency had gained 9 paise to close at a fresh four-month high of 45.58 against the US currency in the previous session.

twitter-logoPTI | September 23, 2010 | Updated 12:24 IST

The Indian rupee snapped its 6-day winning spree and dropped 17 paise to 45.75 against the American currency in the early trade on Thursday, on month-end dollar demand from importers despite weak dollar overseas.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 45.63/64 a dollar from its last close of 45.58/59 per dollar and dropped further to 45.75 per dollar before quoting at 45.70/71 per dollar at 10.30 am.

Month-end dollar demand from oil refiners mainly affected the rupee value against the dollar, a forex dealer said.

Crude Oil was down in Asian trade on Thursday, as weak US energy demand kept a lid on prices despite a weak dollar. New York's main contract, light sweet crude for November, was down two cents to $74.69 a barrel in morning trade and Brent North Sea crude for delivery in November was off four cents at $77.91.

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