Rupee depreciates against US dollar

The Indian rupee depreciated 0.36 paise to Rs 53.7600 against the US dollar on Wednesday due to the constant dollar demand from banks and importers on account of the higher dollar in the overseas market. At NSE, USDINR for May 2012 contract traded at Rs. 53.7600 per dollar, rupee depreciated by 0.36 paise, after opening at Rs. 53.7225 against the previous closing price of Rs. 53.3925. It fell to Rs. 53.6525 per dollar with a business volume of 1012975 lots till the trading. (At 12.33 PM today).

Sentiment weakened further as the greenback strengthened since the traders sought a safe haven in the midst of concerns regarding Greece's potential exit from the euro zone and the health of Spain's banks.

At the Chicago Mercantile Exchange (CME), EURUSD future for June 2012 contract traded at US$1.2978 per euro (USD appreciated by 0.17 per cent against EUR) and GBPUSD future for June 2012 contract traded at US$1.6139 per pound (USD appreciated by 0.09 per cent against GBP) at 12.36 PM today.

S&P CNX NIFTY, at NSE, was trading at 5,001.80, up by 0.04 per cent, after opening at 4,967.90 against the previous closing of 4,999.95. It touched the intra-day low of 4,959.65 till the trading. (At 12.32 PM today).

Read more about: currency, dollar
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