Rupee breaks nine paise
The rupee today fell by nine paise in the interbanking money market due to demand for dollars from banks and at the close of trading, one dollar was found at Rs 74.71. Indian currency has lost 40 paise in three days. It was down by seven paise at Rs 74.62 per dollar. The rupee was under pressure from the beginning today. It opened lower by 13 paise at Rs 74.75 per dollar and remained in the range of Rs 74.66 per dollar and Rs 74.84 per dollar throughout the day.
At the close of trading, the rupee fell by nine paise to close at 74.71 per dollar.
Traders said that the Reserve Bank today bought dollars through commercial banks, which increased the demand for the American currency in the market and weakened the rupee. However, the weakening of the dollar in the basket of other major currencies of the world and the fall of one percent in crude oil in the international market did not allow the rupee to slide much.
