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03-30-2012, 09:15 AM #1
Rupee at 1-month low, falls 62 paise
The rupee tumbled by 62 paise for the second day in a row to close at almost 11-month low of 51.40/41 against the Greenback on sustained heavy dollar demand from importers and some banks amid weakness in local stocks and also better dollar overseas.
Looking at the current situation, hopes of fresh capital outflows also weighed on the rupee, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened sharply lower at 51.04/05 a dollar from previous close of 50.78/79 and immediately touched a high of 50.98.
However, sluggish stocks amid heavy dollar demand from importers, mainly oil importers, to gather for the their month-end requirements later weighed on the rupee and it fell back sharply to settle at 51.40/41, lowest closing since January 13, 2012 when it had settled at 51.52/53, showing a fall of 1.22 per cent.