Rupee Down 31 Paise Against Dollar.

The Indian rupee was down 31 paise at Rs. 47.95 per U.S. dollar in early trade on the Interbank Foreign Exchange today amid persisting demand from banks and importers for the American currency despite dollar weakness in overseas markets.

The rupee resumed steady at Rs. 47.65/66 per dollar, as against its previous close of Rs. 47.64/65 per dollar, but declined immediately to Rs. 47.95 before quoting at Rs. 47.84/85 per dollar at 1030 hours.

The domestic currency hovered in a range between Rs. 47.69 and Rs. 47.95 per dollar during morning deals.

Banks and importers preferred to purchase dollars due to the uncertainty in the currency market, a forex dealer said.

In the New York market, the dollar lost ground against the euro yesterday following assurances from the euro zone’s biggest economies, France and Germany, that they would help Greece through its sovereign debt troubles and would also ensure that the struggling country remains in the 17-nation grouping that has the euro as a common currency.

Meanwhile, the Bombay Stock Exchange benchmark Sensex declined by 69 points, or 0.41 per cent, in early trade today.

Source : thehindu.com