RUPEES FALLS FURTHER;
OIL, CORPORATES BUY DOLLARS
DATE: 29/05/2012
MUMBAI: The rupee fell
further to 55.58/59 against the dollar compared to its Monday's close of
55.1850/1950, heading to its first fall after three previous sessions of gains.
Losses in the euro help boost sentiment for the dollar, while oil companies and
corporates were also seen buying the greenback. Dollar demand from oil firms
usually peaks towards the end of each month as they need to pay their import
commitments.
Traders also said they spotted bunched-up outgoing corporate dollar remittances because Monday was a US public holiday for Memorial Day.
The rupee rose for a third successive session on Monday, its biggest winning streak against the dollar in over two-and-half months, as a recovery in global risk sentiment helped local stocks post strong gains, as reported. The Indian currency, which hit a record low of 56.40 to the dollar on Thursday after a string of all-time lows, has since recovered 2.2 percent, helped by a mix of RBI intervention and improved global risk appetite.
It rose as much as 55.01 to the dollar at one point on Monday, its highest in nearly a week, but month-end dollar demand from oil importers kept further gains in check, dealers said yesterday.
Traders also said they spotted bunched-up outgoing corporate dollar remittances because Monday was a US public holiday for Memorial Day.
The rupee rose for a third successive session on Monday, its biggest winning streak against the dollar in over two-and-half months, as a recovery in global risk sentiment helped local stocks post strong gains, as reported. The Indian currency, which hit a record low of 56.40 to the dollar on Thursday after a string of all-time lows, has since recovered 2.2 percent, helped by a mix of RBI intervention and improved global risk appetite.
It rose as much as 55.01 to the dollar at one point on Monday, its highest in nearly a week, but month-end dollar demand from oil importers kept further gains in check, dealers said yesterday.
POWERED BY: THE ECONOMIC
TIMES
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