Rupee snaps winning rally vs dollar, down by 11 paise


Mumbai: The Indian rupee snapped its winning streak by shedding 11 paise to 44.78 against the US dollar in late morning trade today on renewed dollar demand from banks and importers in view of the firm dollar in overseas markets. At the Interbank Foreign Exchange, the domestic unit opened lower at 44.72/74 per dollar as against last weekend's level of 44.67/68 per dollar and moved down further to 44.78 before quoting at 44.76/77 per dollar at 1030 hours. It moved in a range between 44.72 and 44.78 per dollar in morning deals. Fresh dollar demand from banks and importers in view of higher dollar in overseas market mainly affected the rupee value against the dollar, a forex dealer said.
Source: PTI