Rupee extends fall as oil importers buy dollars
The rupee extends fall to trade at 55.81-55.82 versus its previous close of 55.5350-55.5450, after hitting 55.82, a level last seen on September 6, on strong dollar demand from oil refiners.
November 26, 2012 / 20:59 IST
The rupee extends fall to trade at 55.81-55.82 versus its previous close of 55.5350-55.5450, after hitting 55.82, a level last seen on September 6, on strong dollar demand from oil refiners.
Oil importers are the biggest buyers of dollars in the domestic currency market with their demand peaking at the end of each month.Also Read: Are FII flows irrelevant to the Indian rupee?Domestic shares end up 0.16 percent.Traders say lack of dollar inflows and strong importer demand leading to exaggerated moves in the pair. The pair is gradually expected to inch up towards the next key resistance of 56.03, which was the high on September 6. 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!
