Rupee lower; RBI suspected to have been buying dollars

Tags: Rupee, News
The rupee is trading at 60.30 per dollar, weaker than its previous close of 60.1650/1750, tracking weakness in local shares and importer dollar demand.

"The central bank is suspected to have been buying dollars in recent sessions to shore up its foreign exchange reserves," said Subramaniam Sharma, director at Greenback Forex Services.

Most other Asian currencies like yuan, peso and baht are trading weaker compared with the dollar.

Local shares will be watched during the day for cues on foreign fund flows, which have been a key factor hurting the pair in recent sessions.

Indian shares retreated from a record-setting rally and as losses accelerated, with importers rushing in to buy dollars.

Caution is also seen prevailing ahead of U.S. jobs data due later in the day.

EDITORIAL OF THE DAY

  • India’s political space acts as a safety valve for maverick politicians and frustrated electorate

    While it is easy to be cynical about Indian democracy and its ways, the fact is that the vast political space that the system provides for in this cou

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Taslima Nasreen

Bangladesh no country for atheists

It’s a matter of pride to be a freethinker, atheist ...

Purnendu Ghosh

Silence makes you aware of yourself

Often, we don’t feel the necessity of making contact with ...

Shona Adhikari

Artistic focus on women's empowerment

The focus on the girl child remains an important one ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture