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Rupee declines

MUMBAI DEC. 22. The rupee declined sharply against the U.S. currency today on renewed heavy dollar demand from corporates and importers in moderately active trading at the interbank foreign exchange market. Closing at 45.5650/5750 a dollar, the rupee lost 5-1/2 paise from Friday's close of 45.51/52 after trading in a fairly broad range of 45.5000 and 45.5700. It opened on a steady note at 45.51/52.

Despite steady foreign fund inflows giving the rupee underlying support, a fresh round of heavy dollar short-covering by banks for their corporate clients, exerted moderate pressure on the rupee, dealers said.

The rupee has gained by around 5.56 per cent in the current calendar year, but was still undervalued on a trade-weighted basis . — PTI

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