Indian rupee hits near 6-month low; dollar buying continues

The Indian rupee hits a fresh near 6-month low in openeing trades as it falls to 55.48 after opening at 55.335. Dealers say follow-on dollar buying is pushing the pair up after a late surge on Tuesday.

May 22, 2013 / 12:05 IST

The rupee hits a fresh near 6-month low in opening trades. The rupees falls to 55.48 after opening at 55.335, currently at 55.43/44 versus Tuesday close of 55.41/42.

Also Read: Nifty to consolidate; go long above 6200: ICICI Direct

Dealers say follow-on dollar buying is pushing the pair up after a late surge on Tuesday.

The chief dealer of a private bank tips 55.20-55.50 band for the session.

Dealers say the bias may remain for the pair's strength on month-end dollar demand with crucial 55.20 level taken out on Tuesday.

The Bank of Japan on Wednesday decided to keep monetary policy on hold, but one board member tried unsuccessfully to loosen the central bank's commitment to achieving its 2 percent inflation target within two years.

first published: May 22, 2013 10:48 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347