Mumbai: The Indian rupee''s roller coaster ride against the US currency continued on Feb 22 with the local unit losing 14 paise to breach the crucial 40-mark for the second time in three days at 40.05/06, as dollar buying resumed amid weak Asian markets.
The rupee premiums on forward dollar ended sharply lower due to fresh shortage of dollar supplies in the system. The benchmark six-month forward dollar premiums payable in July ended at 5 paise discount - 8 paise premium, lower from 7 - 9-1/2 paise premium on Thursday and far-forward maturing in January also ended down at 9 - 32 paise from 29 - 31 paise previously. In fairly active trade at the Interbank Foreign exchange (Forex) rate, the rupee opened steady at 39.92/93 per dollar as against yesterday''s close of 39.91/9250.
After depreciating by 29 paise on February 20 to cross the 40-mark for the first time in five months, the rupee had strengthened by 28 paise fall below the crucial mark of 40. Forex dealers said fresh month-end demand for dollars from banks which buy the greenback for their clients pushed the rupee downwards today. Even a weak dollar overseas could stem the rupee''s slide.
The rupee premiums on forward dollar ended sharply lower due to fresh shortage of dollar supplies in the system. The benchmark six-month forward dollar premiums payable in July ended at 5 paise discount - 8 paise premium, lower from 7 - 9-1/2 paise premium on Thursday and far-forward maturing in January also ended down at 9 - 32 paise from 29 - 31 paise previously. In fairly active trade at the Interbank Foreign exchange (Forex) rate, the rupee opened steady at 39.92/93 per dollar as against yesterday''s close of 39.91/9250.
After depreciating by 29 paise on February 20 to cross the 40-mark for the first time in five months, the rupee had strengthened by 28 paise fall below the crucial mark of 40. Forex dealers said fresh month-end demand for dollars from banks which buy the greenback for their clients pushed the rupee downwards today. Even a weak dollar overseas could stem the rupee''s slide.
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