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Rupee drops on increased dollar demand

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The Indian rupee depreciated by 0.05 paise to Rs 66.7000 against the US dollar on Monday as a result of increased demand for the American currency from importers and banks. However, a firm dollar against some global currencies overseas and a lower opening of the domestic equity market also weighed on the rupee. At MCXSX, USDINR for May 2016 contract traded at Rs. 66.7000 per dollar, rupee depreciated by 0.05 paise, after opening at Rs. 66.7150 against the previous closing price of Rs. 66.6650. Rupee declined to Rs. 66.7600 per dollar with a business volume of 676680 lots till the trading.

At the Chicago Mercantile Exchange (CME), EURUSD future traded at US$1.1486 per euro (USD depreciated by 0.20 per cent against EUR) and GBPUSD future traded at US$1.4615 per pound (USD depreciated by 0.15 per cent against GBP) (At 3.40 PM today). S&P CNX NIFTY, at NSE, was trading at 7,805.90, down 0.56 per cent, after opening at 7,822.70 against the previous closing of 7,849.80. It touched the intra-day low of 7,777.30 till the trading. 

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Alisha Singh

Alisha Singh

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