Rupee weakens against dollar

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The rupee dropped to a fresh all-time low against the dollar in the interbank foreign exchangemarket on Thursday, dealers said.

In the interbank market, the rupee closed at 102.73 to the dollar, down by seven paisas as compared to the previous closing of 102.66. Currency traders said that by and large, the forex market witnessed a range-bound trading session, despite it lost seven paisas in its value against the greenback on Thursday.

“The rupee is likely to trade in the range of 102.65 and 102.75. The supply demand factors drive the forex market. The exchange rate faces pressure when foreign payments are made by importers,” a currency dealer said. The forex market commenced in a smoother way on Thursday; however, the fresh demand for the greenback emerged from commercial banks for import payments, pushing the rupee to hit a fresh all-time low against the dollar.

In the open market, the rupee lost 23 paisas to trade at 103.25 against the greenback at the selling counter. It exchanged at the rate of 100.05 at the buying counter, respectively.

Courtesy:   The News


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