Rupee drops against US dollar

Posted By: Religare
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The Indian rupee fell against US dollar on Friday amid appreciation of the American currency against the euro and other rival currencies overseas and a weak opening in the domestic equity market. Rupee future for November 2011 contract fell as much as 0.04 paise to Rs. 52.1825 per dollar on the National Stock Exchange (NSE) at 11.58am.

Moreover, increased demand for the American currency from banks and importers also put pressure on the rupee.

At the Chicago Mercantile Exchange (CME), EURUSD future for December 2011 contract traded at US$1.3301 per euro (USD appreciated by 0.20 per cent against EUR) and GBPUSD future for December 2011 contract traded at US$1.5446 per pound (USD appreciated by 0.38 per cent against GBP) at 12.00 PM today.

S&P CNX NIFTY, at NSE, traded at 4,744.60, down by 0.25 per cent, after opening at 4,731.30 against the previous closing of 4,756.45. It touched the intra-day low of 4,700.50 till the trading. (At 11.55 AM today).

At NSE, USDINR for November 2011 contract traded at Rs. 52.1825 per dollar, rupee depreciated by 0.04 paise, after opening at Rs. 52.3000 against the previous closing price of Rs.52.1375. It fell to Rs. 52.0925 per dollar with a business volume of 726541 lots till the trading. (At 11.58 AM today).

Read more about: dollar, futures
Story first published: Friday, November 25, 2011, 23:30 [IST]
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