Mumbai: The rupee failed to maintain its early gains and slipped by five paise to trade at 53.52 against the US currency on fresh dollar demand from banks and importers amidst weak local equity markets. The rupee resumed higher at 53.40 per dollar against the last closing level of 53.47 per dollar and improved further to 53.36 per dollar at the Interbank Foreign Exchange (Forex) Market on selling of dollars by some banks and exporters.
However, it failed to maintain early gains on fresh dollar demand from banks and moved down to 53.56 per dollar, before quoting at 53.52 per dollar at 1050 hrs. In New York, the euro rose yesterday after a local Spanish election saw Prime Minister Mariano Rajoy s party hang on to power in his home region of Galicia.
Meanwhile, crude rebounded in Asia early today as traders returned to the market after prices plunged on oil demand fears, analysts said. New York's main contract, light sweet crude for delivery in December, added 29 cents to $88.94 a barrel. The Indian benchmark Sensex was quoted marginally lower by 12.57 points or 0.07 per cent at 1050 hours.
Comments
0 comment