Friday, Dec 31, 2004
Friday, Dec 31, 2004 |
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MUMBAI, DEC. 30. Customary month-end dollar demand today weakened the rupee even as steady trade and foreign fund inflows partly cushioned its fall in active two-way trading at the interbank foreign exchange market ahead of the year-end tomorrow. The rupee ended at 43.72/73 a dollar, a two paise decline from yesterday's 22-day closing high of 43.70/71 following an early rise to 43.69/70 on the back of a weak dollar overseas and steady FII inflows. It, however, opened weak at 43.74/76 in anticipation of the usual month-end dollar demand. Month-end dollar demand exerted pressure on the rupee initially and pushed it down to 43.75/77, but healthy trade and foreign institutional investment inflows absorbed most of the buying, dealers said. Residual month-end dollar demand tomorrow could keep the rupee under mild pressure, they added. The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 43.71 and for the single European unit at Rs. 59.57. Despite today's mild downward correction due to month-end considerations, sentiment for the rupee remained positive due to steady FII inflows and corporate dollar sales.
— PTI
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