Thursday, May 26, 2005
Thursday, May 26, 2005 |
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MUMBAI: The rupee lost further ground against the U.S. currency on Wednesday due to steady dollar demand from banks amidst a firm overseas with rising global oil prices also weighing on its value ahead of possible month-end pressures. In generally quiet and directionless trade at the interbank foreign exchange market, the rupee closed at 43.53/54 a dollar, yet another two paise decline from Tuesday's finish of 43.5100/5150. It, however, opened on a positive note at 43.50/51 a dollar and tested early highs of 43.48/49 after the U.S. currency shed some gains from recent multi-month highs against the Euro. The rupee fell by nearly five paise yesterday on the back of a robust dollar overseas. Steady dollar demand from banks, custodians for large oil companies continued to exert pressure on the rupee in the face of dwindling trade and foreign fund inflows, a dealer said. Rising global oil prices inching towards the $50 dollars a barrel also affected rupee sentiments. — PTI
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