RUPEE DEPRECIATES 13 PAISE AGAINST US DOLLAR




The rupee weakened by another 13 paise to 65.16 against the dollar in early trade at the inter-bank foreign exchange market on increased demand for the US currency from importers. The rupees had plunged by 35 paise to end at a fresh one week low of 65.03 a dollar owing to high demand for the American currency from importers amid spike in crude oil prices after political upheaval in Saudi Arabia.
Earlier, the rupee resumed higher at 64.65 as compared to Monday close of 64.68 at the interbank foreign exchange (FOREX) Market on bouts of dollar selling by exporters.

It gained further ground to touch a high of 64.6050 before retreating sharply in midst of strong dollar buying pressure. In forward market today, premium for dollar displayed a mixed trend owing to lack of market moving factors. Maybe it can be the effect of demonetization as yesterday it completed one year of existence and have shown the result that it was the right decision by the leading party.

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