Rupee turns sharply weak against US dollar | india | Hindustan Times
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Rupee turns sharply weak against US dollar

The price settled at Rs 44.71/72 per dollar even as steady foreign portfolio investment inflow into the Indian stock markets continued.

india Updated: Apr 04, 2006 19:12 IST

The rupee on Tuesday turned sharply weak against the US dollar due to heavy dollar demand from oil corporates and importers after fresh rise in world crude oil prices.

The price settled at Rs 44.71/72 per dollar even as steady foreign portfolio investment inflow into the Indian stock markets continued.

At the Interbank Foreign Exchange (FOREX) market, the Indian unit started the day firm at Rs 44.56/57 per dollar on sustained inflow. However, the rupee turned sharply weak towards the end and closed at Rs 44.71/72 per dollar, sharply lower than the previous close of Rs 44.5950/6050.

World oil prices rose above the $67 per barrel level as the light sweet crude for May delivery settled 11 cents higher at $66.74 a barrel on the New York Mercantile Exchange on Monday, after climbing as high as $67.90 earlier in the day on supply concern, dealers said.

Elsewhere, the rupee also ended weaker against other major world currencies like the British Pound, euro and the Japanese yen.

Against the British pound, the Indian unit started weak at Rs 77.40/42 per pound and fell further to end at Rs 78.00/02 per pound, sharply lower than the previous close of Rs 77.10/12.

Similarly, the rupee opened lower against the single European unit at Rs 54.06/08 per euro and continued to lean down, before ending at Rs 54.41/43 as against Monday's close of Rs 53.83/85.