Thu, Apr 24 11:48 AM
Mumbai, Apr 24 (PTI) The Indian rupee fell sharply after an encouraging start and was down three paise against the US dollar in late morning trade today as oil refiners continued to buy dollars amid high global crude oil prices. A buoyant trend in Asian equity markets failed to have any desired impact on the rupee sentiment.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed stronger at 40.00/01 a dollar from its last close of 40.05/06 a dollar, but later weakened to 40.08/09 a dollar in late morning deals. Soaring crude oil prices forced oil corporates to cover dollars to meet their month-end export bill, dealers said.
Oil companies continued their dollar purchases as world oil prices paused within sight of USD 120 a barrel level in Asian trade after a mixed report on US energy stockpiles. In overseas markets, the dollar rebounded on Wednesday from its historical lows against the euro.
PTI.
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