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Re falls from 3-week high on record CAD

Source : BUSINESS_STANDARD
Last Updated: Thu, Jan 03, 2013 20:00 hrs
A GIRL DISPLAYS THE NEWLY INTRODUCED 1000 RUPEE NOTE IN BOMBAY.

India's rupee retreated from the strongest level in almost three weeks on concern a record current-account deficit will boost demand for dollars.

The shortfall widened to $22.3 billion in the quarter ended September 30, official data showed December 31. The world's largest bullion buyer may raise taxes on gold imports to reduce the gap, Finance Minister Palaniappan Chidambaram said in New Delhi yesterday.

The rupee declined 0.2 percent to 54.4900 per dollar in Mumbai, according to data compiled by Bloomberg.

It touched 54.2650 yesterday, the strongest level since December 13. The rupee dropped 3.5 percent last year after plunging 16 percent in 2011.

Call rate ends lower
The Overnight call money rate finished marginally lower at 7.98 per cent from Wednesday's close of 8.00 per cent. It moved in a range of 8.15 per cent and 7.50 per cent.

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