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Steep fall in rupee
MUMBAI:
The rupee on Monday declined sharply against the U.S. currency and closed at 44.9850/9950 a dollar due to heavy dollar demand by banks on behalf of oil PSUs as an immediate fall in world crude oil was not in sight.
In active trading at the interbank foreign exchange market, the Indian unit resumed firm at 44.64/66, but later fell steeply to a low of 45.01, before finishing at 44.9850/9950, steeply lower than last Friday's close of 44.70/71.
Banks bought the dollar at the current level on behalf of oil companies after crude oil prices surged past $61 a barrel to a two-week high of $16.16 a barrel last Friday as OPEC had warned about cuts in output following heavier-than-expected fall in U.S. heating fuel reserves, forex dealers said. — PTI
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