Rupee falls to 64.31/$, RBI fails to prop it up

Aug 27, 2013 |

Age Correspondent

Recent measures taken by the Reserve Bank failed to prop up the rupee as the month-end dollar demand from oil importers and corporates led to a two per cent fall in the Indian currency’s value against the dollar.

Trading on a weak note throughout Monday, the rupee hit an intra-day high of 64.72 against the dollar before closing at 64.31, 111 paise below Friday’s close of 63.20 per dollar.
“Rating agency Fitch’s warning on sovereign ratings also weighed on the rupee. Over the near-term, a range of 63.50 to 65.00 could be seen, with demand for the US dollar remaining strong at lower levels,” said Anindya Banerjee, currency analyst at Kotak Securities.

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