The Indian rupee lost 9.5 paise against the greenback at 39.76/77 on Wednesday, the lowest level in almost three months, on heavy demand for dollar despite a surge in stock markets.The lowest level before this was recorded on November 28 last year at 39.80/81. The rupee premiums on forward dollar also fell sharply.
The benchmark six-month forward dollar premiums payable in July ended at 4 - 6 paise, lower from 8-1/2 - 11 paise on Tuesday and the far-forward maturing in January also ended down to 32 - 34 paise from 37 - 39 paise previously.In the Interbank foreign exchange market, the domestic currency moved in a range of 39.60 and 39.89 on divergent factors after a promising start on signs of stability in Asian markets. The local currency had closed at 39.6650/6750 per dollar on February 12.
Foreign exchange dealers said the demand for dollar continued to peak as foreign banks were seen buying dollars. The demand soared after a pull-out by FIIs and also owing to funds flowing out after the refund of some initial public offers in the past 10-15 days. It seemed situation has not improved since then, the dealers said. Besides, there has been a severe shortage of the US currency in the global markets.
The benchmark six-month forward dollar premiums payable in July ended at 4 - 6 paise, lower from 8-1/2 - 11 paise on Tuesday and the far-forward maturing in January also ended down to 32 - 34 paise from 37 - 39 paise previously.In the Interbank foreign exchange market, the domestic currency moved in a range of 39.60 and 39.89 on divergent factors after a promising start on signs of stability in Asian markets. The local currency had closed at 39.6650/6750 per dollar on February 12.
Foreign exchange dealers said the demand for dollar continued to peak as foreign banks were seen buying dollars. The demand soared after a pull-out by FIIs and also owing to funds flowing out after the refund of some initial public offers in the past 10-15 days. It seemed situation has not improved since then, the dealers said. Besides, there has been a severe shortage of the US currency in the global markets.
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