Thursday, Apr 14, 2005
Thursday, Apr 14, 2005 |
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MUMBAI: The rupee weakened further against the U.S. currency on steady light dollar demand from banks ahead of Ambedkar Jayanti holiday tomorrow in yet another day of extremely quiet and range-bound trading at the interbank foreign exchange market. Despite a positive opening of 43.7150/7250 a dollar, the rupee gradually lost ground on small-lot dollar purchases from banks and closed at 43.74/75 against 43.7225/7325.Although, the rupee remained under slight pressure for the second straight day, the outlook for the currency remained positive due to sliding global oil prices, steady foreign institutional investment inflows and trade and expatriate remittances. Traders expect the rupee to bounce back on Friday after the market holiday tomorrow, as the economic fundamentals remained strong ahead of key quarterly corporate earnings. — PTI
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