Rupee nears 1-month low vs dlr

Mumbai, July 7 (PTI) The Indian rupee dropped by 13 paise
to near a one-month low at 47.03/04 against the dollar on
persistent demand for the American currency from importers and
banks amid weak equity markets.
At the Interbank Foreign Exchange, the domestic unit
opened lower at 46.92/93 a dollar against Tuesday's close
of 46.90/91. Later, it fell to 47.20 a dollar before closing
the day at 47.03/04.
Dollar demand from importers and banks in view of a
higher dollar overseas affected the rupee's value against the
US currency, a forex dealer said.
The dollar firmed in London Wednesday as the euro slipped
on renewed concerns about the euro zone banking system.
Oil prices edged up in tepid Asian trade Wednesday. New
York's main contract, light sweet crude for delivery in
August rose 13 cents to USD 72.11 a barrel.
The Indian benchmark sensex dropped by 143 points, or
0.81 per cent, mirroring the fall in global stock markets.
The rupee premium for the forward dollar ended slightly
lower on fresh receivings by exporters.
The benchmark six-month forward dollar premium payable
in December closed at 84-1/2-86-1/2 paise from 86-88 paise on
Tuesday and far-forward maturing in June also finished weak at
139-1/2-141-1/2 paise from 141-1/2-143-1/2 paise previously.
The Reserve Bank of India fixed the reference rate for
the dollar at Rs 47.08 and for the euro at Rs 59.27.
In cross currency trade, the rupee held steady against
Pound Sterling to end at Rs 71.16/18 per pound from Tuesday's
close of Rs 71.17/19.
Against the euro, the rupee moved down further against to
Rs 59.23/25 per euro from Rs 58.97/99 previously.
It also dipped against the yen to Rs 53.90/92 per 100 yen
from its last close of Rs 53.36/38. PTI