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Re drops by 48 paise to breach Rs 53/$ again
The Indian rupee slid past the Rs 53 per dollar-mark in early trade on Monday, losing 48 paise to Rs 53.18 per dollar despite restrictions imposed by the Reserve Bank of India on forward trading as fresh demand for the American currency and a lower opening in the equity market took a toll.
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Re drops by 48 paise to breach Rs 53/$ again
The rupee resumed lower at Rs 52.85/86 per dollar on the Interbank Foreign Exchange, as against last weekend's close of Rs 52.70/71 per dollar, and declined further to Rs 53.18 per dollar before quoting at Rs 53.15/16 per dollar at 1030 hours.
The domestic currency moved in a range between Rs 52.80 and Rs 53.18 per dollar during morning deals.
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Re drops by 48 paise to breach Rs 53/$ again
Fresh dollar demand from banks and corporates on the back of a higher dollar in overseas markets mainly affected the rupee value against the dollar, a forex dealer said.
In New York, the dollar pulled back last Friday and ended lower as investors gauged the likelihood of credit rating downgrades in the euro zone.
Meanwhile, the BSE Sensex fell by 268.99 points, or 1.74 per cent, to 15,222.36 in opening trade.