Rupee down 37 paise against dollar

The Indian rupee continued to fall against the American currency, declining by 37 paise in the late morning trade to 62.60 per dollar on persistent dollar demand from banks and month-end buying from importers coupled with higher dollar overseas.

The rupee resumed lower at 62.55 per dollar as against the last closing level of 62.23 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to quote at 62.60 per dollar at 1040hours.

It moved in a range of 62.34-62.60 per dollar during the morning deals.

Month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.

Crude oil prices were mixed in Asian trade Monday despite upbeat manufacturing data from China, which raised hopes of firmer demand from the world’s top energy consumer.

In New York, the dollar rose slightly against major rivals last Friday triggered by the Federal Reserve’s decision to keep its bond buying intact.

Meanwhile, the Indian benchmark Sensex dropped 287.50 points or 1.42 per cent to 19,976.21 at 1050hours.

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