Rupee ends 4-day rising spree, falls 9 p on global cues
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Snapping a four session gaining streak, the rupee on Monday lost nine paise to 53.28 against the US dollar due to renewed dollar demand and firm global cues, amid weak local equities.
Forex dealers said that continued foreign flows capped rupee's fall to some extent. The local unit commenced strong at 53.02 from Friday's close of 53.19 against dollar at Interbank Foreign Exchange (Forex) market. However, fag-end dollar demand pulled it down to 53.32 before settling at 53.28, a fall of nine paise, or 1.34%. The rupee moved in a range of 52.91-53.32.
"Rupee seen trading in the range of 41 paise. It was initially gaining against the US dollar but started depreciating taking cues from the weak euro. The rupee was also down as the dollar index recovered from its 3 month low and is now trading near 79.50 levels. "The negative markets further put pressure on rupee," said Abhishek Goenka, CEO, India Forex Advisors.