Rupee slumps 46 paise

Month-end demand for dollars from oil importers drove the rupee down 46 paise to close at 61.87 against the greenback on Thursday. The Indian unit opened at 61.46 on Thursday against the previous day’s close of 61.41. Suresh Nair, Director, Admisi Forex, said, “Today’s fall came as the dollar strengthened against other global currencies as the Fed said the world’s largest economy was poised for continued expansion.” However, dealers see the rupee strengthening in the near term as there is more likelihood of foreign investors bringing in more dollars to the Indian shores.