Fri, Jul 11 07:05 PM
Mumbai, July 11 (PTI) Surging for the fourth straight day today, the Indian rupee breached the crucial 43-mark to close at 42.87/88, a gain of 12 paise, against the greenback amid alternate bouts of dollar buying and selling even as crude prices rose to USD 143 a barrel in Asian trade. At the Interbank foreign exchange (forex) market, the local unit fluctuated in range of 43.05 and 42.72 during the day after resuming weak at 43.02/04 per dollar.
Forex dealers said the domestic currency came under pressure after and global crude oil prices saw a fresh spurt and touched USD 143 a barrel. Industrial growth of 3.6 per cent in May also cast a shadow on rupee sentiment, they said.
Traders said oil companies picked up dollars when the rupee touched 42.72 level and global crude oil prices crossed USD 143 a barrel level in Asian trade this afternoon. They said the rupee lost part of gains also because of bearish trend in local stocks.
The Indian unit drew support from continued inflationary pressure which could attract stringent monetary measures by the central bank that helps the currency strengthen as money supply could be tightened further, a banker said. Indian industrial production fell to 3.8 per cent in May against 10.6 per cent a year ago while the inflation jumped to 11.89 per cent for the week ended June 28 from 11.63 per cent in the preceding week.
Indian benchmark Sensex ended 456 points or 3.28 per cent today. The Reserve Bank of India fixed the reference rate for the American dollar at Rs 42.72 and for the Single European currency at Rs 67.38.
PTI.
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