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Tuesday, May 31, 2005

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Rupee declines

MUMBAI: The rupee tumbled to a one month closing low of 43.5925/6000 a dollar on Monday, pulled down by a late round of heavy month-end demand amid a robust dollar overseas. In a fairly volatile trading at the interbank foreign exchange market, the rupee lost 6-1/4 paise from last Friday's finish of 43.53/54, despite a positive start at 43.52/53 a dollar. The rupee had last ended at weaker levels of 43.7050/7150 a dollar on April 28. A late bout of hectic dollar short-covering by banks for the usual month-end considerations amid a resurgent overseas exerted considerable pressure on the rupee with the outlook bearish due to rising oil prices and a slowdown in foreign fund inflows, dealers said.

Barring the heavy last minute dollar demand, the forex spot trade was mostly quiet and range-bound, partly affected by the ``Memorial Day'' holiday in the U.S. The dollar today rose against the Japanese yen and the euro in early Asian trading following France's rejection of the proposed European Union constitution.

PTI

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