Rupee falls on importer dollar demand

Tuesday, 29 October 2013 01:14 - - {{hitsCtrl.values.hits}}

Reuters: The rupee fell to a more than one-week low on Monday due to importer dollar demand, with the market expecting the currency to depreciate slightly in the near term because of project-related imports, dealers said. The currency, which appreciated 0.4% last week on foreign buying in John Keells Holdings’ rights issue, on Monday further moved away from a near four-month closing high hit last week. The rupee spot closed at 130.90/131.00 per dollar, its lowest since 17 October, and weaker from Friday’s close of 130.55/65. Dealers said foreign buying in conglomerate John Keells helped boost the currency for much of last week. The company is raising $ 299 million by selling rights and warrants to fund a $ 850 million resort project. The deadline to raise the funds was Friday. Dealers said the rupee has started to depreciate, with the rights issue coming to an end on Friday. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and is up 3.53% since then.

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