Rupee sags to near 2-week low

Wednesday, 30 October 2013 00:40 - - {{hitsCtrl.values.hits}}

Reuters: The rupee fell to its lowest closing level in nearly two weeks on Tuesday due to dollar demand from importers, with further downward pressure expected in the near term because of project-related imports, dealers said. The spot rupee closed at 131.10/20 per dollar, its lowest close since 17 October and below Monday’s close of 130.90/131.00. “We see the rupee under pressure due to importer dollar demand,” said a currency dealer who asked not to be named. Some dealers said one State bank, through which the Central Bank usually directs the market, was seen selling dollars at Rs. 131.10. The currency, which appreciated 0.4% last week on foreign buying in the rights issue of John Keells Holdings Plc, hit a near four-month closing high last week. The rupee hit a record low of 135.20 on 28 August, but has managed to stem further losses and is up 3.05% since then.

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