Wednesday, 28 December 2011
The Indian rupee has fallen 22 paise to Rs 53.24 against the US dollar in the early morning trade today due to the increased demand for the US currency by importers. The partially convertible rupee opened lower at Rs. 53.10/11 per dollar on the Interbank Foreign Exchange compared to the previous close of Rs. 53.02/03 per dollar. It dropped further to Rs. 53.24 per dollar before touching Rs. 53.20/21 per dollar at the time of reporting.
The Indian rupee was quoting in the range between Rs. 53.03 and Rs. 53.24 per dollar during morning deals. According to foreign exchange dealers, the month-end demand for dollars from importers as well as higher dollar in overseas markets resulted in the fall of the rupee.
The US currency has risen against Euro and other overseas. The rise of dollar against Euro due to continuing concerns over the Eurozone debt crisis has added to the pressure on the rupee.
The gains posted by the US dollar against Asian currencies overseas and a lower opening in the domestic equity market put pressure on the rupee.
