The Indian rupee lost 31 paise and closed above the crucial 43-level against the greenback amidst downgrading of the local currency by global rating agency Fitch and a collapse in stock markets even as the dollar softened in overseas markets.
At the Interbank Foreign Exchange (Forex) market, the Indian rupee closed at 43.23/24 against a dollar, down by 31 paise. The local currency opened weak at 43.02/04 against Monday''s close of 42.92/93 and dropped further sharply to a low of 43.3050.
The rupee premiums on forward dollar recovered its overnight losses and ended higher on fresh paying pressure from banks and corporates. The benchmark six-month forward dollar premium payable in December ended at 105-1/2 - 107-1/2 paise, up from 100 - 102 paise on Monday and the far-forward maturing in June also finished higher at 186-1/2 - 188-1/2 paise from 180-1/2 - 182-1/2 paise previously.
At the Interbank Foreign Exchange (Forex) market, the Indian rupee closed at 43.23/24 against a dollar, down by 31 paise. The local currency opened weak at 43.02/04 against Monday''s close of 42.92/93 and dropped further sharply to a low of 43.3050.
The rupee premiums on forward dollar recovered its overnight losses and ended higher on fresh paying pressure from banks and corporates. The benchmark six-month forward dollar premium payable in December ended at 105-1/2 - 107-1/2 paise, up from 100 - 102 paise on Monday and the far-forward maturing in June also finished higher at 186-1/2 - 188-1/2 paise from 180-1/2 - 182-1/2 paise previously.
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