Rupee Falls Against the Dollar

22 August 2011 - Which Way to Pay

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Rupee Falls Against the Dollar

After a gap of three-and-a-half months, today the Indian rupee shed 36 paise against the dollar to below the Rs 46 per US dollar mark. This drop in the Indian currency comes as a result of persistent demand for the American currency from bank and importers due to dollar firmness overseas.

The domestic currency fluctuated against the dollar all morning ranging between Rs 45.90 and Rs 46.10 per USD. The rupee resumed lower at Rs 45.92/93 per dollar on the Interbank Foreign Exchange before dropping further to Rs 46.10 before quoting at Rs 46.01/02 per dollar at 1030 hours. Last week exchange markets closed with the Indian rupee at a standing of Rs 45.74/75 per dollar.

A foreign exchange dealer said that the sustained dollar demand from banks and importers has affected the value of the Indian rupee along with persistent foreign capital outflows. The US dollar is in such demand because itís higher value in overseas markets.

However, despite changes in the dollar pricing within India as well as in Asian trading today where the USD was also seen to edge higher against most major rivals, some strategists say that further changes in US currency are unlikely to be significant during the rest of the week.

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