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Rupee against Dollar

rupee vs dollar

The rupee ended lower by 26 paise to 62.67 against the American currency on renewed month-end dollar demand from importers coupled with higher dollar in the overseas market. Fresh capital outflows and dollar gains in overseas markets also weighed on the rupee, while a strong rebound in local equities restricted the rupee’s fall, a dealer said.
Dollar buying by importers, mainly oil refiners, to meet their month-end requirements affected the rupee value. The benchmark six-month premium payable in September dropped further to 235.5-237.5 paise from the last week’s level of 253.5-255.5 paise and forward contracts maturing in March 2016 also moved down further to 453-455 paise from 471.5-473.5 paise. At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed weak at 62.55 a dollar from previous close of 62.41 and moved in a range of 62.6900 and 62.5225 before concluding at 62.67, disclosing a fall of 26 paise or 0.42 per cent.