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Rupee declines sharply

MUMBAI NOV. 12. The rupee declined sharply against the U.S. currency on Wednesday on sustained heavy dollar demand amidst fears of acute shortage of cash dollar supplies in fairly active trade at the interbank foreign exchange market.

Extending losses for the third straight session, the Indian currency closed at 45.3450/3550 a dollar, yet another steep 4-1/2 paise drop from Tuesday's close of 45.30/31 a dollar. It opened on a steady note at 45.30/31 a dollar.

The rupee depreciated by four paise in the previous two consecutive days, dragged down by dollar demand from state-run banks, possibly on behalf of the central bank.

Many FII's were preparing to close their account books ahead of the year-end, they added. — PTI

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