Results 1 to 1 of 1
05-29-2013, 12:37 PM #1
Indian rupee at 9-month low, down 22 paise against dollar in early trade
The Indian rupee declined by 22 paise to trade at fresh nine-month low of 56.18 against the US dollar in early trade on Tuesday on the Interbank Foreign Exchange following month-end demand for the US currency from importers and banks.
Dealers said appreciation of the American currency against major currencies overseas on robust economic data and a weak opening in the domestic equity market also put pressure on the rupee.
The rupee had slumped by 39 paise to end at nearly nine-month low of 55.96 a dollar in Tuesday's trade.
The BSE benchmark Sensex was down by 77.03 points, or 0.38 per cent, at 20,083.79 in early trade today.
Reserve Bank of India (RBI) on Friday had said it will continue to take steps to check excessive volatility in the currency market.
RBI plans to allow exporters and importers to rebook and cancel up to 50 per cent of their total hedged exposure from the present cap of 25 per cent.