Erasing its early gains, Indian Rupee today continued its downward journey for the straight 4th session and settled with a decline of six paise against the dollar on late currency demand from importers despite firm local equities. Forex dealers attributed the initial rise in the Rupee value to dollar selling by exporters amid recovery in local stocks.Strong dollar overseas too weighed heavy on the Rupee, they added.
At the Interbank Forex market, the domestic unit opened higher at 45.57/58 a dollar from previous close of 45.62/63 and touched the day’s high of 45.52.
However, late month-end dollar demand from importers, mainly oil refiners, later kept the Rupee under pressure and it fell back to finish at 45.68/69.
The dollar index of six major currencies was also trading up by 0.29 per cent in Europe today.
The global crude oil was trading above USD 88 a barrel in Asian trade today as investors awaited the outcome of Federal Reserve meeting this week.
However, according to market participants the apex bank might hike key interest rates in tomorrow’s quarterly policy setting meeting to contain the rising inflation.
The benchmark six-month forward dollar premium payable in June closed up at 126-128 paise from 125-127 paise previously.
The Reserve Bank of India has fixed the reference rate for the dollar at Rs 45.58 and the euro at Rs 62.01.
It, however, remained weak to Rs 61.90/92 per euro from its last close of Rs 61.71/63.
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