Rupee slips by 3 paise to nearly 1-week low of 60.13 vs dollar.

MUMBAI: The rupee on Monday ended lower by 3 paise to end at nearly a one-week low of 60.13 against the American currency on month-end dollar demand from importers and banks.

The rupee resumed lower at 60.12 per dollar as against the last weeekend's level of 60.10 per dollar at the Interbank Foreign Exchange (Forex) Market.

It hovered in a range of 60.08 per dollar and 60.1650 per dollar before ending at 60.13 per dollar, a marginal loss of three paise or 0.05 per cent. Today's closing is the rupee's weakest since July 22 (60.24).

In three straight days, rupee has now fallen by 8 paise. Month-end dollar demand from importers, mainly refiners, and banks affected the rupee value against the dollar.

Pramit Brahmbhatt, Veracity Group CEO, said: "The USD-INR pair continues to trade in a thin range. Rupee has started the week on the lower side."

Local equities also traded weak and closed in the red for the day. The benchmark 30-share index Sensex dropped another 135.52 points or 0.52 per cent today. Month end dollar demand from oil importers will force rupee to depreciate further in coming days, he added.

In London, the dollar hovered near six-month highs against a basket of major currencies on Monday.

Source : timesofindia.indiatimes.com