Resuming its slide against the greenback, the Indian rupee plunged to its more than one-year low of 41.76/77 against a US dollar. Heavy demand for US currency in view of high oil prices continued modest on its short supply. The Interbank Foreign Exchange (Durex) market witnessed brisk trade with wide fluctuations in the local currency in a range of 41.55 and 41.79 during the day. The local currency lost 41 paise against the US counterpart.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up by 0.31 per cent at 97.52.
Strong month-end demand for the US currency mainly from oil importers along with currency futures expiry related purchases predominantly weighed heavily on the forex market and haunted investor sentiment.
The rupee on Monday tumbled by 68 paise to close at a nearly 8-week low of 66.44 against the American currency.
The greenback's strength against other Asian currencies and lacklustre local equity markets made the rupee depreciate.
Sensex crashed more than 1,000 points in opening trade. Asian stocks plunged too on Friday.
The rupee is under pressure for the past one week.
The rupee settled at 61.71. In straight three sessions, the currency has shot up 51 paise or by 0.82 per cent.
The rupee surged to its highest level in five weeks to end at 65.58 by gaining 38 paise against the US currency.
Rising productivity and product diversification ensured high export growth in the past.
Extending losses for the fourth straight session, Indian rupee on Monday declined by ten paise to log over 13-month closing low of 63.67.
The local currency had shed 2 paise to close at 63.44 on Tuesday.
The rupee fell to an all-time low of 61.21 per dollar, forcing the Reserve Bank of India to intervene to stabilise the currency.
The dollar index eased 0.05 per cent to 98.69.
Investors remained cautious in the face of the expiry of November series contracts in the derivatives segment, which also dampened sentiment.
The rupee closed marginally stronger against the dollar on Wednesday.
The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday.
Rupee closed at 61.86 against the dollar on Tuesday.
India Inc is unfazed by the sharp fall of the rupee against the greenback as most big firms have already hedged their foreign exchange exposures.
The rupee on Monday continued its upward march against the US dollar for the third day, firming up by another 10 paise to 66.00 on fag-end selling of the American currency by banks and exporters.
The company's NetPC works on a 'thin client' concept. This is a small box and does not contain any software or application. It is linked to a central server, which hosts all applications.
The fall comes a day after it hit its highest gain in eight years.
Rupee is likely to remain under pressure due to domestic concerns.
If the greenbacks don't pour in, our markets can't do the Indian rope trick. That has been very evident last week and all of November. The FIIs have just sold stocks worth close to a billion dollars and our markets have taken a 10 per cent or 2,050 point correction.
The rupee had gained two paise to close at one-month high of 62.14 against the dollar in Tuesday's trade.
Extending losses for the second straight session, the rupee slipped by 11 paise at 66.54 against the US dollar.
Most Asian currency and equity markets too suffered steep losses due to US rate hike fears.
India's foreign exchange reserves rose by $2.8 billion to $343.2 billion
The partially convertible rupee closed at 60.30/31 per dollar compared with 60.28/29 on Friday.
Weakness in other currencies against the dollar overseas, after US Fed indicating interest rates could rise earlier than expected as the jobs market picking up, also put pressure on the local unit, forex dealers said.
The domestic currency has tumbled by 104 paise, or 1.63 per cent, in last six trading days.
Dealers attributed the fall to the dollar's gains after China devalued yuan, which pushed up demand from importers for the US currency.
Increased demand for the dollar weighed on the local currency.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
The domestic currency had last ended at 64.17 per dollar.
There is high demand for the US currency from importers
The rupee had snapped its 3-day losing streak on Thursday.
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