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Rupee ends lower

MUMBAI: The rupee closed slightly lower against the U.S. dollar on Thursday at 39.53/54 on mild demand for dollar from banks.

It closed at 39.5150/5250 on Wednesday.

The rupee had tumbled on Monday and Tuesday by 10 paise and 11 paise, respectively as demand for the dollar peaked amid tight availability here. Forex dealers said scarcity of dollar here only reflected its shortage globally.

At the interbank foreign exchange market, the rupee opened better at 39.50/51.

Later, it moved in a wide range of 39.46 and 39.56 before concluding at 39.53/54.

Dealers attributed the initial gain in rupee to fears of U.S. recession. — PTI

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