rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Rupee at one-month low, down 30 paise

Rupee at one-month low, down 30 paise

Last updated on: February 15, 2013 18:22 IST

MoneyThe rupee on Friday fell by 30 paise to end at one-month low level of 54.22 against the American currency on fag-end dollar demand from banks and importers, amid weakness in local stock market.

The rupee on Friday resumed marginally higher at 53.91 per dollar as against the last closing level of 53.92 at the Interbank Foreign Exchange Market.

However, it fell to 54.24 a US dollar on fag-end US currency demand from banks and importers, before ending at one-month low of 54.22 -- a fall of 30 paise or 0.56 per cent. This was the lowest closing since 54.39 on January 17.

The rupee hovered in a range of 53.85-54.24 per US dollar during the day.

"The rupee was seen depreciating above 54 levels and it has breached our target of 54.20 as well. This is the second consecutive weak closing given by rupee on weekly basis," said Abhishek Goenka, Founder & CEO, India Forex Advisors.

In London market, the yen rose today as the Group of 20 struggled to find a common stance on recent currency moves, while fears over global growth hit shares and commodities.

Crude oil prices were mixed in volatile Asian trade today as weak economic growth in Europe offset data showing buoyant employment growth in the United States, analysts said.

Persistent capital inflows from foreign funds into equity market restricted the rupee's fall, a forex dealer said.

Complete coverage: Union Budget 2013-14

Budget Impact Live!

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.