New Delhi: The sustained demand for the dollar weakened the Indian rupee by 74 paise amid weak stock markets and lower crude oil prices. The rupee came under pressure and closed at 48.76/78 with oil refiners stepping up their dollar purchases for their monthly import bill.The rupee has lost 181 paise or 3.86 per cent during the three-day losing string.
The dealers in the foreign exchange market said the demand for dollar was also aided by weakness in local stocks markets amid fresh worries about the capital outflows at the year-end.The rupee premiums on the forward dollar improved further on sustained payments by corporates and banks.
The benchmark six-month forward dollar premium payable in May ended higher at 89-92 paise from 81-83 paise on Monday and the far-forwards maturing in November also finished up at 127-130 paise from 115-118 paise previously. In cross-currency trade, the rupee plunged against the pound sterling, the Japanese yen and the euro.
The dealers in the foreign exchange market said the demand for dollar was also aided by weakness in local stocks markets amid fresh worries about the capital outflows at the year-end.The rupee premiums on the forward dollar improved further on sustained payments by corporates and banks.
The benchmark six-month forward dollar premium payable in May ended higher at 89-92 paise from 81-83 paise on Monday and the far-forwards maturing in November also finished up at 127-130 paise from 115-118 paise previously. In cross-currency trade, the rupee plunged against the pound sterling, the Japanese yen and the euro.
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