Rupee extends falls; foreign banks, importers buy dollars The - TopicsExpress

Rupee extends falls; foreign banks, importers buy dollars The rupee is trading at 62.0550, lower compared with Thursdays 61.8750/8850 close. Month-end dollar demand from importers hurting the Indian unit while some foreign banks also seen buying the greenback. Some resistance however being seen around 62 levels, preventing a further sharp appreciation in the USD/INR pair. Nifty up 1.2 percent and to be watched for cues on fund flows. Almost all Asian currencies weaker compared against the dollar. Losses in the euro also aiding the pair. Index of the dollar against six major currencies trading up 0.6 percent. The rupee seen in a 61.70 to 62.10 range on Friday. GDP data due post-market hours and the RBI policy review on Tuesday in focus.

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