Rupee Loses 24 Paise Against US Dollar

05 December 2011 - Which Way to Pay

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Rupee Loses 24 Paise Against US Dollar

In early trade today the Indian rupee lost 24 paise to a low of Rs 51.44 per US dollar as demand for the US currency from corporate institutions and banks is renewed from a higher dollar in foreign markets.

The rupee resumed lower at Rs 51.27/28 per dollar on the Interbank Foreign Exchange, as against the previous weekend's close of Rs 51.20/21 per dollar, and moved down further to Rs 51.44 per dollar before quoting at Rs 51.39/40 per dollar at 1030 hours.

Morning deals saw the Indian rupee sit between Rs 51.23 and Rs 51.44 per US dollar. The fresh demand from banks and corporate as the dollar climbed in overseas markets was the main reason for the value of the rupee against the dollar falling.

In New York, the dollar moved up against the euro and other major currency rivals last Friday, as key meetings on the euro zone debt crisis prompted traders to unwind big positions.

Meanwhile, crude oil firmed up in Asian trade today after Iran's military reportedly said it had shot down a US drone, analysts said.



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