Rupee falls, seen in tight band
The rupee fell further against the dollar as weak regional peers and uncertainty over the US "fiscal cliff" weighed.
December 24, 2012 / 11:08 IST
The rupee fell further against the dollar as weak regional peers and uncertainty over the US "fiscal cliff" weighed.
The rupee was at 55.1750-55.1800 to the dollar, weaker than Friday's close of 55.06/07 when it had touched a three-week low of 55.2550.However, the unit is expected to move in a tight band as the year-end lull sets in.Also read: Rupee likely to open flat above 54.80/USD: SharmaTraders expect the pair to move in the 54.90-55.30 band in the next few days in 2012.Dollar inflows are expected to pick up only in January after banks make their allocations in the year-end, a senior trader at a large private bank said.Asian shares steadied in quiet pre-holiday trade after a slump late last week but markets have become more jittery about the risk of the United States failing to avert a fiscal crisis.Dollar demand from oil and gold companies to meet month and year-end import commitments may support the dollar. 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!
