The Indian rupee on August 11 depreciated by nine paise to close at 42.16/17 against the green back following sustained capital outflows. In a fairly active trade at the Interbank Foreign Exchange (Forex) market, the domestic unit resumed higher at 41.95/96 a dollar and touched a high of 41.91 a dollar on the back of sustained rally in equity markets.
However later in the day, it fell back to a low of 42.22 before concluding the day at 42.16/17 a dollar from previous close of 42.07/08.Traders said short-coverings of dollar by exporters on expectation of further rise in the US currency pushed the rupee downwards.Dollar rose against the major rivals in overseas market, which pulled the rupee downwards.Some large corporates bought dollars for their requirements which weighed on the rupee, dealers said.Meanwhile, the stock market benchmark Sensex on Monday rose by 336 points while most of the Asian indices displayed a mixed trend at close.The Reserve Bank, however, fixed the reference rate for the US dollar at Rs 42.00 and for the single European currency at Rs 62.82.
However later in the day, it fell back to a low of 42.22 before concluding the day at 42.16/17 a dollar from previous close of 42.07/08.Traders said short-coverings of dollar by exporters on expectation of further rise in the US currency pushed the rupee downwards.Dollar rose against the major rivals in overseas market, which pulled the rupee downwards.Some large corporates bought dollars for their requirements which weighed on the rupee, dealers said.Meanwhile, the stock market benchmark Sensex on Monday rose by 336 points while most of the Asian indices displayed a mixed trend at close.The Reserve Bank, however, fixed the reference rate for the US dollar at Rs 42.00 and for the single European currency at Rs 62.82.
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