Rupee eases by 5 paise versus $US in the morning trade | business | Hindustan Times
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Rupee eases by 5 paise versus $US in the morning trade

The Indian rupee declined by five paise to 44.50 against the American currency in the morning trade on month-end dollar demand from importers and banks coupled with higher dollar in overseas market.

business Updated: Oct 28, 2010 11:51 IST

The Indian rupee declined by five paise to 44.50 against the American currency in the morning trade on month-end dollar demand from importers and banks coupled with higher dollar in overseas market.

At the Interbank Foreign Exchange (Forex) market, the domestic unit opened slightly lower at 44.47/48 per dollar as against the yesterday's closing level of 44.45/46 per dollar and moved down further to 44.50 per dollar before quoting at 44.49/50 at 1030 hours.

It moved in a range of 44.42 per dollar and 44.50 per dollar in the morning deals.

Month-end dollar demand from importers coupled with firm dollar in overseas market mainly affected the rupee value against the dollar, a forex dealer said.

In New York market, the dollar rose to its highest level in a week yesterday buoyed by hopes that next week's US Federal Reserve's meeting might result in smaller easing steps.