Mumbai The rupee lost hefty 42 paise to close at threeand- a- half- month low of 52. 51 against the American dollar on strong demand for American currency from banks and importers.
The rupee premium for the forward dollar ended higher on s
ustained paying pressure from banks and corporates.
India Forex Advisors CEO Abhishek Goenka said, ” The key reason behind the weakness in rupee during the day was pick- up in purchases by the domestic oil importers.” Concerns over growth and a lack of clarity about further interest rate cuts remains a big worry for the currency market.
