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Rupee declines against $
MUMBAI:
The rupee today lost considerable ground against the U.S. currency on a late bout of heavy all-round dollar demand. In moderately active trading at the interbank foreign exchange market, the rupee ended at 43.72/73 a dollar, a sharp five paise decline from Tuesday's five-week closing high of 43.6700/6750 following a weak opening slot of 43.69/70 a dollar. Despite stable global oil prices at below $54 a barrel, the rupee encountered fresh pressure due to a late round of hectic dollar short-covering by banks after a strong dollar overseas fuelled renewed local demand. Ebbing speculation of a Chinese revaluation also spurred fresh dollar buying, adding to the rupee woes. — PTI
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