The rupee lost 20 paise at 42.60/61 against the greenback on June 3 on sustained pull-out by foreign funds from equity markets and on some dollar buying by importers. At the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 42.45/47 a dollar from Monday''s close of 42.40/41. The domestic unit moved down further to a low of 42.64 before concluding the day at 42.60/61.
Forex dealers said fears of further rise in inflation on imminent fuel price hike pushed the rupee downwards.Foreign Institutional Investors (FIIs,) the main driving force behind the rupee''s rally in the last year, remained net sellers in last couple of weeks and they pulled out over $3.5 billion in this calender year so far, ultimately putting pressure on the rupee. Dealers also attributed fall in the rupee to weak Asian markets. Most of the Asian indices were down by 0.6 per cent to 1.8 per cent.
Forex dealers said fears of further rise in inflation on imminent fuel price hike pushed the rupee downwards.Foreign Institutional Investors (FIIs,) the main driving force behind the rupee''s rally in the last year, remained net sellers in last couple of weeks and they pulled out over $3.5 billion in this calender year so far, ultimately putting pressure on the rupee. Dealers also attributed fall in the rupee to weak Asian markets. Most of the Asian indices were down by 0.6 per cent to 1.8 per cent.
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