Rupee down 9 paise at 55.71 to the dollar

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 Rupee down 9 paise at 55.71 to the dollar
Month end dollar demand saw the rupee drop by 9 paise from Wednesday's close and was trading at 55.71 to the dollar at 9.50 am IST.

Month end demand from crude oil importers has been exerting pressure on the currency for the last few days. Indian crude demand has been robust and increasing on account of the increasing demand for diesel.

Analysts believe that the rupee will continue to remain under pressure, as crude prices have risen sharply over the last few weeks and Foreign fund flows has been stagnant.

The India crude basket has touched $112 per barrel, as against $107 per barrel for the fortnight from August 1-14.

Read more about: currency
Story first published: Thursday, August 30, 2012, 9:50 [IST]
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