The Indian rupee on Tuesday lost 4 paise at 40.01/02 against the US dollar on dollar demand from oil companies amid a sluggish trend in Asian equity markets. At the Interbank Foreign Exchange (forex) market, the local currency moved in a range of 39.95 and 40.04 during the day.
The local currency resumed the day steady at 39.96/98 a dollar from its last close of 39.96/97 a dollar. Forex dealers said oil refiners, in the light of high crude oil prices which hovered around $108 a barrel, made some dollar purchases to meet their import demands. The exchange market is mostly influenced by local equity markets, which remained directionless in the absence of any trigger as also a slowdown in FII activity, the principal driver for the rupee. World crude oil prices traded above $108 a dollar level in Asian this morning after comments by the OPEC cartel and an inflow of investor money helped prices surge to near-record levels.
In overseas markets, the dollar firmed up against the euro yesterday ahead of a meeting of the European Central Bank and the Group of Seven leading industrial nations this week. Meanwhile, the benchmark Sensex today fell by 169 points, or 1.08 per cent, while Asian indices ended down by about 1.0 to 1.5 per cent.
The Reserve Bank of India fixed the reference rate for US dollar at Rs 40.02 and for the single European unit at Rs 62.94 per euro. The rupee premiums on forward dollar ended further lower due to sustained receivings by exporters. The benchmark six-month forward dollar premiums payable in September ended at 34 - 36 paise, down from 40-42 paise on Monday and Far-forward maturing in March also closed lower at 54 - 56 paise from 60-1/2 - 62/1-2 paise previously.
The local currency resumed the day steady at 39.96/98 a dollar from its last close of 39.96/97 a dollar. Forex dealers said oil refiners, in the light of high crude oil prices which hovered around $108 a barrel, made some dollar purchases to meet their import demands. The exchange market is mostly influenced by local equity markets, which remained directionless in the absence of any trigger as also a slowdown in FII activity, the principal driver for the rupee. World crude oil prices traded above $108 a dollar level in Asian this morning after comments by the OPEC cartel and an inflow of investor money helped prices surge to near-record levels.
In overseas markets, the dollar firmed up against the euro yesterday ahead of a meeting of the European Central Bank and the Group of Seven leading industrial nations this week. Meanwhile, the benchmark Sensex today fell by 169 points, or 1.08 per cent, while Asian indices ended down by about 1.0 to 1.5 per cent.
The Reserve Bank of India fixed the reference rate for US dollar at Rs 40.02 and for the single European unit at Rs 62.94 per euro. The rupee premiums on forward dollar ended further lower due to sustained receivings by exporters. The benchmark six-month forward dollar premiums payable in September ended at 34 - 36 paise, down from 40-42 paise on Monday and Far-forward maturing in March also closed lower at 54 - 56 paise from 60-1/2 - 62/1-2 paise previously.
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