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Home > Business > PTI > Report

Rupee loses 13 paise to close at 46.68/$

June 23, 2003 21:13 IST

The rupee on Monday tumbled against the US currency on a fresh wave of all-round dollar short-covering by banks, corporates and importers in the fairly active trade at the Interbank foreign exchange market.

Closing at Rs 46.67/68 per dollar, the rupee declined by a whopping 13 paise from last Friday's close of Rs 46.54/55, after dipping to intra-day lows of Rs 46.69/70 due to the renewed heavy dollar demand from all quarters, probably for the usual month-end considerations, dealers said in Mumbai.

The rupee opened at Rs 46.54/56 per dollar.

"From the onset of business, the rupee gradually weakened on steady dollar demand from foreign, private and state-run banks for their corporate clients. Initially, it dropped to
46.55/56, then broke through the 46.60-dollar barrier and tested 46.69/70, before settling at 46.67/68," a dealer said.

"The month-end dollar demand appears to have emerged early to exert pressure on the rupee," he added.

Although, the rupee declined sharply today, the fall was gradual and smooth and devoid of excessive speculation and volatility, a banker said, adding "bunched up weekend dollar supplies partly cushioned the fall of the rupee".

The rupee appreciated by a staggering 18 paise against the US currency last week and scaled a fresh 27-1/2 month peak on the back of robust trade and capital inflows.

Reserve Bank of India fixed the reference rate for the US currency at Rs 46.58 per dollar and the single European unit at Rs 53.91 per euro from Rs 46.54 and Rs 54.52, respectively on the last working day on June 20.

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