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Rupee remains weak; dollar demand hurts

Source : REUTERS
Last Updated: Mon, Aug 26, 2013 10:54 hrs
An employee arranges Indian currency notes at cash counter inside a bank in Agartala

The rupee continues to trade weaker on the day at 64.29/30 versus its close of 63.20/21 on Friday as month-end dollar demand from importers, particularly oil firms, boosts the dollar.

Traders however say foreign banks seen selling the greenback intermittently, preventing a much larger gain.

Traders will watch out for any comments or fresh measures from policymakers and expect the Reserve Bank of India to intervene to prevent the local unit from slipping if it continues to fall due to large dollar demand.

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