The Indian rupee fell for a second consecutive session on Thursday as local stocks were pummelled, while risk currencies such as the euro were hit by intensifying worries about the global economy. The rupee fell even after data showed May industrial output rose 2.4 percent in May, much higher than the 1.8 percent growth expected by a Reuters survey of analysts.
The good news was offset after the April numbers were revised downwards. "There are no new factors to trigger any further depreciation in the exchange rate," said N. S. Paramasivam, chief executive at NSP Forex. The partially convertible rupee closed at 55.93/94 as per the SBI closing rate, down from its Wednesday's close of 55.62/63.
The one-month offshore non-deliverable forward contracts were quoted at 56.22 while the three-month were at 56.88. In the currency futures market, the most traded near-month dollar-rupee contract on the National Stock Exchange, the United Stock Exchange and the MCX-SX all ended at around 56.03. The total volume was at $4.6 billion.
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