The Indian rupee ended the day cheaper by 3-4 paise at 49.14/16 against the greenback on Jan 22 on strong demand for dollar from foreign funds. The rupee resuming stronger at 48.88/90 a dollar from its earlier close of 49.11/12 a dollar at the Interbank Foreign Exchange (Forex) market but later fluctuated between 48.85 and 49.20 during the day.
The market was directionless amid indications of increased pressure for the short-term as the oil refiners are expected to begin purchases of dollar for their month-end import payments, dealers in foreign exchange said. The dealers also said that the domestic currency came under pressure on a dramatic buying spree from foreign investors. Meanwhile, the dollar turned weak against the Japanese yen and the euro in the overseas market.
The market was directionless amid indications of increased pressure for the short-term as the oil refiners are expected to begin purchases of dollar for their month-end import payments, dealers in foreign exchange said. The dealers also said that the domestic currency came under pressure on a dramatic buying spree from foreign investors. Meanwhile, the dollar turned weak against the Japanese yen and the euro in the overseas market.
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