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Rupee dips to 42.75 a dollar

MUMBAI: Heavy buying in dollar at the fag end of trading pushed rupee lower by 31 paise to 42.75/76 against the greenback, extending losses for the fourth successive day on Thursday.

In active trade at the interbank foreign exchange market, the rupee opened unchanged at overnight closing level of 42.44/45 but recovered later to 42.30 in late morning deals on some dollar selling by exporters and firm equity markets.

Exporters initially sold dollar at higher levels to book profits, helping the rupee surge.

But sudden dollar buying at the fag end by oil refiners and banks pushed the rupee downwards.

Global crude oil prices fell from the new peak but were still near $124 a barrel, negatively impacting the emerging markets like India and China.

The rupee had lost 117 paise or 2.81 per cent in last four straight sessions.

Slowdown in capital inflows and expectation of more pull out from equity markets in near term also partly affected rupee sentiment. — PTI

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