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Rediff.com  » Business » Re down 36 paise versus dollar to end at 57.87

Re down 36 paise versus dollar to end at 57.87

Last updated on: June 17, 2013 18:49 IST

Re down 36 paise versus dollar to end at 57.87

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The rupee on Monday weakened by 36 paise to close at 57.87 against the US currency on fresh dollar demand from importers and some banks even as RBI kept its policy rates on hold and stock markets posted gains.

At the Interbank Foreign Exchange market, the local unit resumed weak at 57.70 a dollar and moved in a range of 57.55 and 57.90 during the day.

It settled at 57.87, a fall of 36 paise or 0.63 per cent. Last Friday, it had risen by 47 paise or 0.81 per cent.

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Image: Foreign currency traders work inside a trading firm behind the signs of various world currencies, in Mumbai.
Photographs: Vivek Prakash/Reuters

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Re down 36 paise versus dollar to end at 57.87

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"Rupee started the week on a weak note by depreciating more than half per cent during the day against dollar as dollar index which measures the greenback against a basket of six other currencies traded strong against the other major currencies," Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said.

"The trading range for the Spot USD/INR pair is expected to be within 57.40 to 58.10," he added.

Renewed dollar demand from banks and importers in view of firm dollar overseas mainly affected the rupee value, a forex dealer said.

Sustained capital outflows also weighed on rupee, the dealer said. FIIs pulled out Rs 305.68 crore last Friday as per provisional data with stock exchanges.

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Image: An employee arranges currency notes at a cash counter inside a bank in Agartala.
Photographs: Jayanta Dey/Files/Reuters

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Re down 36 paise versus dollar to end at 57.87

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"We saw rupee appreciating today after the RBI kept the rates on hold.

"The trade deficit of India widened to $20.14 billion for May but rupee did not react to this data," India Forex Advisors CEO Abhishek Goenka said.

The BSE benchmark index Sensex on Monday rose by 148 points or 0.77 per cent.

In the international market, the US dollar was trading up by 0.14 per cent against key rivals, coming off a string of losses before the Federal Reserve's policy decision later this week.



Image: A bank employee counts one hundred dollar notes at a bank in Seoul.
Photographs: Lee Jae Won/Reuters

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