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Rupee drops further
MUMBAI,
MARCH 4.
The rupee today weakened against the U.S. currency due to heavy dollar demand from public sector banks, possibly at the behest of the central bank to curb gains despite persistent robust foreign fund inflows into the booming stock market.
In mostly range-bound trading at the interbank foreign exchange market, the rupee closed at 43.7450/7550 a dollar, a 3-1/2 paise decline from Thursday's finish of 43.71/72 after trading in a range of 43.7000 and 43.7600. It opened steady at 43.71/72. Dollar demand from large state-run banks, possibly on behalf of the Reserve Bank of India keeping a tight control on the rupee, not only prevented gains but also exerted renewed pressure on the currency, a forex dealer said. — PTI
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