TH:Rupee closes lower at 53.85 on oil-related demand
The rupee lost 34 paise to close at 53.85 against the dollar as demand from oil importers outstripped the supply of American currency on a weak trading day.
The Indian unit, which had closed at 53.51, opened weaker at 53.63. Volumes were thin in currency markets as most Asian markets were closed on account of the lunar New Year’s Day.
Today’s fall is the fourth straight session of decline for the Indian unit.
Dollar inflows for pending share sale in state-run MMTC and SAIL might boost the Indian unit in days ahead.
