Rupee heads for 56 levels again; trades at 55.81

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Rupee heads for 56 levels again; trades at 55.81
The Indian rupee continued to lose ground for the second day in a row, and was seen trading at 55.81, down 12 paise over Monday's close.

Month end demand from crude oil importers has been exerting pressure on the currency for the last two 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 $113 per barrel, as against $107 per barrel for the fortnight from August 1-14.

Read more about: currency
Story first published: Tuesday, August 28, 2012, 10:01 [IST]
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