Rupee depreciates by another 11 paise Vs dlr

Mumbai, Dec 8 (PTI) Continuing with its three-session
losing streak, the rupee Tuesday depreciated by another 11
paise to more than a two-week low of 46.67/68 against the US
currency, following sustained dollar buying by banks and
importers despite strong equities.

Forex dealers said there was some dollar buying as the US
currency recovered marginally in New York trading yesterday,
although it fell against yen and euro in London Tuesday.
Fresh selling by Foreign Institutional Investors (FIIs)
in equities too dragged the rupee down.
In fairly active trade at the Interbank Foreign Exchange
(Forex) market, the rupee had opened slightly better at
46.52/53 a dollar and touched the day's high of 46.45 on firm
equities.
However, continued dollar buying by banks as well as
importers weighed on the rupee and it fell back to a low of
46.76 before concluding the day at 46.67/68 a dollar, down 11
paise against its previous day's close. Monday it had
closed 28 paise down at 46.56/57 a dollar.
The Indian benchmark Sensex Tuesday ended higher by
244.54 points or 1.44 per cent, failing to have a positive
impact on the rupee sentiment.
Meanwhile, global crude oil prices were trading over USD
74 a barrel after a two per cent fall on the previous day.
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