ET:Rupee extends losses as oil importers buy dollars
The rupee extended losses to trade at 55.81/82 versus its previous close of 55.5350/5450, after falling to 55.82, a level last seen on September 6, on strong dollar demand from oil refiners.
Oil importers are the biggest buyers of dollars in the domestic currency market with their demand peaking at the end of each month.
Domestic shares provisionally ended up 0.17 per cent. Traders say lack of dollar inflows and strong importer demand leading to exaggerated moves in the pair.
The pair is gradually expected to inch down towards the next key resistance of 56.03, which was the low on September 6.
