Indian Rupee Falls 18 Paise vs US Dollor

02 August 2011 - Which Way to Pay

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Indian Rupee Falls 18 Paise vs US Dollor

The Indian rupee is down 18 paise today against the US dollar to Rs 44.25 as a result of recent demand for American currency from banks and importers in the midst of weakness in the domestic equity market.

At the Interbank Forex Exchange, the rupee resumed lower to Rs 44.20/21 per dollar as opposed to the prior close rate of Rs 44.07/08 per dollar. By mid-morning the rupee moved down further to Rs 44.25 at 1030 hours. As a result the rupee has moved in-between a range of Rs 44.17 and Rs 44.25 per dollar in this morning’s deals.

The demand for the dollar has been interpreted by Forex dealers as a means to put pressure on the rupee by banks and reporters as well as oil refiners by creating a lower opening in the stock market.

The US dollar continues to suffer in the global market with the extension of the record low against the Swiss franc. Yesterday, the New York Stock Exchange narrowly avoided an all-time low against the Japanese yen yesterday after surprisingly weak US manufacturing data prompted investors to abandon stocks and shift into assets considered safer.

Meanwhile, crude prices crept higher in Asia today with reduced market movement after volatile trade a day ago stoked by US manufacturing data revoking the initial euphoria over a debt deal.

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