Rupee plunges 30 paise against dollar to one-month low of 60.59

The rupee today lost a hefty 30 paise to end the day at almost one-month low of 60.59 against the dollar due to fresh demand for the US currency from importers, mainly oil refiners despite a surge in stocks.

At the Interbank Foreign Exchange (Forex) market, the domestic unit plunged to 60.61 before settling at 60.59, a fall of 30 paise or 0.50 per cent from its previous close.

Forex managers attributed weakness in the rupee value to heavy dollar demand from importers, mainly oil refiners, to meet their month-end requirements.

"There was buying from nationalised banks throughout the day for oil companies. Some short-covering by market participants also led to the fall," said Agam Gupta, Managing Director and Head of Fixed Income Trading, Standard Chartered Bank.

Meanwhile, the BSE benchmark Sensex today rose to its all-time high of 22,795.58 but settled the day a few points lower at 22,764.83--its life-time closing high.

According to per Sebi data, foreign institutional investors bought shares worth USD 67.58 million last Thursday.

The dollar index, a gauge of six major global rivals, was almost stable.

Pramit Brahmbhatt, Veracity Group CEO, said: "The rupee opened flat after a three-day week-end break and also due holiday in some of the global markets due to Easter Monday. Not much movement was seen in the dollar index and it is trading near its previous close."

The benchmark six-month premium payable in September declined to 218.5-220.5 paise from 220-221.5 paise previously.

Far forward contracts maturing in March, 2015 also dropped to 456-458 paise from 460-462 paise.

The Reserve Bank of India fixed the reference rate for dollar at 60.33 and for the euro at 83.38.

The rupee moved down against the pound to 101.80 from last Thursday's close of 101.37 while declined further against the euro to 83.69 from 83.56.

It, however, edged up to 59.03 per 100 Japanese yen from 59.04.