Wednesday, May 30, 2012

Rupee yet again breaches 56 level against dollar

MUMBAI, May 30, 2012

Continuing fall for the third day in a row, the rupee on Wednesday again fell past the psychological level of Rs. 56 against the U.S. dollar in early trade on heavy demand for the American currency from importers amid concerns over eurozone worries.



Dealers said besides strong month-end demand from importers, particularly oil refiners, the euro's weakness against the American currency on persistent eurozone worries, kept pressure on the Indian currency.



At the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at Rs. 56 and continued its downward journey to trade at Rs. 56.16, down 49 paise against its Tuesday's close of Rs. 55.67.
News From: http://www.7StarNews.com

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