forex trading outlook today - why Indian rupee drops early trade today november 17 2011 : The Indian rupee fell by 4 paise to Rs. 50.78 per dollar in early trade today amid a weak opening in the equity market and demand for the American currency from oil refiners.
At the Interbank Foreign Exchange, the domestic unit depreciated by 7 paise to close at Rs. 50.74/75 against the U.S. currency after dropping to a 32-month low of Rs. 51.01 in yesterday's trade on persistent dollar demand.
Forex dealers said a lower opening in the stock market, continued demand for the greenback from importers and dollar gains against other Asian currencies overseas mainly put pressure on the rupee.
At the Interbank Foreign Exchange, the domestic unit depreciated by 7 paise to close at Rs. 50.74/75 against the U.S. currency after dropping to a 32-month low of Rs. 51.01 in yesterday's trade on persistent dollar demand.
Forex dealers said a lower opening in the stock market, continued demand for the greenback from importers and dollar gains against other Asian currencies overseas mainly put pressure on the rupee.
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