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Re falls, snaps three sessions of gains

Source : BUSINESS_STANDARD
Last Updated: Fri, Dec 07, 2012 21:02 hrs

pThe three sessions of gains came to an end on Friday when the rupee fell due to the euro&rsquos weakness The rupee closed at Rs 5448 per dollar compared with previous close of Rs 5414ppOn Friday Germany&rsquos central bank the Bundesbank cut the gross domestic production GDP forecast of Germany for next year dampening demand for the 17-nation shared currency euro The rupee opened at Rs 5425 per dollar and traded in the range of Rs 5411-5456 during the daypp&ldquoDemand for dollar by oil importers had also put pressure on the rupee&rdquo said Sandeep Gonsalves forex consultant and dealer Mecklai & MecklaippThe rupee strengthened for the third straight day and hit a one-month high on Thursday on expectations that the Congress-led UPA government will win the voting session on foreign direct investment FDI in multi-brand retail in the Rajya Sabha on FridayppThe government won the Rajya Sabha vote on FDI in retail But according to dealers the market had already factored in the winningppAshutosh Khajuria president treasury Federal Bank is of the view that by end-December the rupee may weaken to Rs 55 per dollar due to concerns on widening Current Account Deficit and trade deficit However according to Khajuria if the Reserve Bank of India announces any move to boost capital inflows then the rupee movement will be reversedp


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