Rupee hits one-month low to 61.84/85 per dollar on corporate dollar demand
The dollar rallied on Friday, helped by unexpectedly strong US retail sales data The rupee weakened to its lowest level in a little over a month on Tuesday morning as private oil firms bought dollars while a broadly stronger dollar also hurt sentiment for the local unit. The partially convertible rupee was at 61.84/85 per dollar compared with its close of 61.73/74 on Monday. It touched 61.8550,
its weakest level since Oct. 16. The dollar index, which measures the greenback against a basket of major currencies, rose to 87.999, pushing closer to a four- year high of 88.267 set on Friday. Traders said there is a strong support for the rupee around 61.90 levels, which would keep the unit in a 61.75 to 61.95 range for the day. Some dealers expect the central bank to step in to support the rupee around 61.90 levels.
The dollar rallied on Friday, helped by unexpectedly strong US retail sales data The rupee weakened to its lowest level in a little over a month on Tuesday morning as private oil firms bought dollars while a broadly stronger dollar also hurt sentiment for the local unit. The partially convertible rupee was at 61.84/85 per dollar compared with its close of 61.73/74 on Monday. It touched 61.8550,
its weakest level since Oct. 16. The dollar index, which measures the greenback against a basket of major currencies, rose to 87.999, pushing closer to a four- year high of 88.267 set on Friday. Traders said there is a strong support for the rupee around 61.90 levels, which would keep the unit in a 61.75 to 61.95 range for the day. Some dealers expect the central bank to step in to support the rupee around 61.90 levels.
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