Rupee falls as importers step up dollar purchases
The rupee falls to 53.59-53.60 versus its previous close of 53.47-53.48 as oil importers step up dollar purchases to meet month-end import commitments in a holiday-shortened week.
October 23, 2012 / 19:19 IST
The rupee falls to 53.59-53.60 versus its previous close of 53.47-53.48 as oil importers step up dollar purchases to meet month-end import commitments in a holiday-shortened week.
The forex and debt markets will remain closed on Wednesday and Friday for local holidays.Traders say oil firms also prompted to buy dollars on the back of a fall in global crude oil prices overnight.Brent futures slip for a sixth day on worries over oil demand growth due to an uncertain global economic outlook, but stay above USD 109 a barrel with simmering tensions in the Middle East helping stem the slide.Some demand for the greenback also seen from gold importers, traders say, adding they do not expect the pair to rise above 53.80 as exporters would step in to sell. 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!
