The rupee on Friday tumbled by a whopping 37 paise to end at a fresh one-year low of 46.56/57 against the US currency due to a steep fall in local stocks amid a firm dollar overseas. Sustained dollar demand from importers and a slowdown in capital inflows too weighed on the rupee.
The rupee premium for the forward dollar fell back on fresh receivings by exporters. The benchmark six-month forward dollar premium payable in February ended lower at 78-2/1-80-1/2 paise from Thursday’s close of 83-86 paise and far-forward contracts maturing in August also declined to 136-138 paise from 143-1/2-146-1/2 paise previously. The RBI fixed the reference rate for the dollar at Rs 46.3843 and the euro at Rs 64.4825.
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