Rupee falls on dollar demand by importers

Wednesday, 13 August 2014 00:03 - - {{hitsCtrl.values.hits}}

Reuters: The rupee ended slightly weaker for a second straight day on Tuesday as dollar demand from importers and banks picked up. Forex dealers expect imports to increase in the near future amid lower interest rates and a strong currency. The rupee ended at 130.22/23 per dollar, a tad weaker from Monday’s close of 130.20/23. “There was importer demand and it looks like the pre-budget imports are picking up,” said a currency dealer. The rupee has risen 0.5% so far this year despite heavy dollar buying by the Central Bank.

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