The rupee on Tuesday plunged against the US dollar and ended at Rs 45.92/93 per dollar due to heavy dollar demand from oil PSUs along with strong dollar against other major currency.
MUMBAI: The rupee on Tuesday plunged against the US dollar and ended at Rs 45.92/93 per dollar due to heavy dollar demand from oil PSUs along with strong dollar against other major currency.
Heavy FII selling in the Indian stock markets, which forced the BSE index to plunge by around 300 points to end below the 10 K-mark also dampened the rupee sentiments, dealers said.
In volatile trade on the Interbank Foreign Exchange (Forex) market, the Indian currency opened sharply weak at Rs 45.87/89 per dollar and after hitting a bottom of Rs 45.9500 per ounce, ended at Rs 45.92/93, sharply lower than the previous close of Rs 45.77.79 per dollar.
The dollar rose sharply against its rivals due to heavy dollar demand as crude oil prices rose after Iran warned of disruptions to global energy supplies if the Islamic republic is forced to halt its controversial nuclear programme and New York's main contract, light sweet crude for delivery in July, added 27 cents to close at USD 72.60 a barrel on Monday.
Against other currencies, the rupee closed firm against the British Pound, Euro and Japanese Yen.
The Indian currency started firm against the pound at Rs 85.80.82 per pound and later, eased to end at Rs 85.82/85, still higher than the previous close of Rs 86.25.27 per pound.
The rupee closed better against the single European unit at Rs 59.08/10 per euro from Rs 59.32/34 and higher against the yen at Rs 40.85/87 per 100 yen from Rs 41.00/02.
The Reserve Bank of India (RBI) fixed the reference rate for the US dollar at Rs 45.92 per dollar as against Rs 45.82 yesterday. The bank fixed the rate for the pound at Rs 86.0594 per pound from Rs 86.3753. The reference rate for the single European unit was fixed at Rs 59.31 per euro from Rs 59.36 and for the Japense yen, the reference rate was fixed at Rs 40.91 per 100 yen from Rs 41.04.
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