Rupee down 10 paise against dollar

ENS ECONOMIC BUREAU

November 17: Opening unchanged from the previous closing levels at 42.35/37, the Indian currency rose in early trading to 42.33/34. However, demand from banks -- notably the State Bank of India (SBI) -- allowed the rupee to plummet during the day. The rupee ended at 42.45/46 from the previous close of 42.35/36. ``After witnessing selling pressure in the morning, there was heavy demand from banks on behalf of corporates,'' dealers said, adding that the Reserve Bank of India (RBI) did not intervene in the market.

It is for the first time in the last several weeks that the rupee has fallen by nearly 10 paise against the dollar. ``The demand so far had matched supplies. It may not be the case now. Inflow of dollars has also fallen,'' said a dealer.

However, in the interenational market, the dollar was today lower against the yen and mark in volatile trade amid a downgrade of Japan's sovereign ratings and mixed sentiment over a cut in US interest rates, dealers said. Focus was more on dollar-yentransactions.

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