Rupee declines 17 paise against US dollar

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Rupee declines 17 paise against US dollar
The partially convertible Indian rupee fell 17 paise to Rs 52.88 per dollar in morning session due to month-end dollar demand from importers.

The Indian rupee opened at 52.79-52.80 per dollar as against previous closing of 52.70 per dollar.

Since, India is one of the largest consumers of oil, it accomplish most of its requirement of oil from abroad. Crude oil which is priced in US dollar puts a significant weight on the movement of Indian currency. The month-end dollar demand from oil importers affected the rupee today.

Weak opening in domestic equity market and concern over foreign funds outflows from stock market pressured more on rupee.

The rupee which was trading 52.80/81 per dollar on the Interbank Foreign Exchange during initial trading hours, fell further to 52.91 per dollar at 1.10 pm IST.

The domestic currency lingered in a range between Rs 52.76 and Rs 52.91 per dollar in morning session.

At 1.10 pm IST, BSE was seen trading at 15,889.44 down by 81.31points or 0.51%. The 50-share NSE was at 4752.85 down by 26.15 points or 0.55%.

Read more about: dollar, currency, bse, nse
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