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Rupee loses further ground
MUMBAI:
The rupee lost further ground against the U.S currency on Friday, adjusting to yet another downward correction on renewed dollar demand. In mostly quiet and range-bound trading at the interbank foreign exchange ) market, the rupee closed at 43.42/43 a dollar, yet another eight paise decline from Thursday's finish of 43.36/37 after testing intraday highs of 43.38/39.
It opened weak at 43.43/44 a dollar in line with the dollar's sharp rebound overseas against major global rivals, mainly the euro.
The rupee declined by seven paise on Thursday after spurting to nearly six-year high of 43.2850/2950 a dollar on Wednesday on market speculation of a possible Chinese currency revaluation.
A robust dollar overseas fuelled renewed local demand resulting in a further downward rupee correction.
PTI
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