Rupee down by
5 paise
The Indian currency drifted sharply by about 5
paise over Tuesdays' close of Rs 36.26-27 against the US
greenback following heavy month-end dollar demand and some corporate
coverings in a hectic trading at the interbank foreign exchange
market on Wednesday.
The rupee opened almost steady at Rs 36.26-27 per dollar, remained
at the same level for some part of the day, and started sliding
lower hitting a trough of 36.33-34 levels due to good merchant demand
and active bidding by the State Bank of India. The rupee
finally closed at Rs 36.31-32 for the day.
According to leading forex dealers, the rupee depreciated moderately
in wake of good month-end dollar demand coupled with corporate
coverings and SBI's continuous dollar purchases.
Similarly, the forward premiums also dip low by about 10 paise over
Tuesday's closing levels, a dealer said, while the cash to spot
dollar was quoted at 1 to 2 paise premium amidst Thursday being a
bank holiday on account of "Diwali".
Meanwhile, the overseas market was reported absolutely quite with only 50 points movement in all the European currencies, a dealer at the foreign bank said.
Elsewhere, the Reserve Bank of India fixed the reference rate at Rs
36.27 per dollar for Wednesday.
UNI
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