Tuesday, Aug 31, 2004
Tuesday, Aug 31, 2004 |
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MUMBAI, AUG. 30. Customary month-end dollar demand weakened the rupee today and arrested a brief two-session rally in moderately active trade at the interbank foreign exchange market, despite positive sentiments due to falling oil prices and improved foreign fund inflows. Closing at 46.36/37 a dollar, the rupee declined by six paise from last Friday's close of 46.30/31 after a soft opening of 46.32/33 per dollar. The rupee rallied by 5-1/2 paise in the previous two consecutive sessions last week on the back of steady trade and foreign fund inflows. Notwithstanding bunched up weekend dollar supplies from trade and other avenues, the rupee succumbed to heavy month-end dollar demand from large oil corporates even as global oil prices showed a falling trend, dealers said. U.S. light crude oil for October delivery was quoted at $43.27 a barrel. The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 46.34 and for the single European unit at Rs. 55.68. PTI
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