The Indian rupee fell to three-week lows on Thursday as the dollar's rise on an upbeat tone from the Federal Reserve prompted importers to sell the local unit, with a softer stock market offering little support. The partially convertible rupee ended at 46.88/89 per dollar, after hitting 46.97 during trade, its lowest since November 27. It fell about 0.5 percent from Wednesday's close of 46.655/665.
"The dollar's rally and corporate dollar demand were the two factors against the rupee. I am looking at a 46.80 to 47.0 range for tomorrow," said a senior trader with a foreign bank. One-month offshore non-deliverable forward contracts were quoted at 46.93/47.03, slightly weaker than the spot rate. In currency futures, the most traded near-month contracts on the National Stock Exchange and MCX-SX were at 46.9275, from Wednesday's 46.72.
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