 "Rupee's weakness continues in afternoon trade")
The rupee's weakness continued in afternoon trades due to dollar demand from corporates and importers. Besides that there is dollar buying by state-run banks on behalf of the central bank to boost foreign exchange reserves.
At 12:05 pm the rupee was trading at Rs 61.80 compared with Friday's close of Rs 61.44 per dollar.
"The rupee may weaken more during the day as there sre bids from private oil marketing companies," said a forex dealer with a public sector bank.
Also Read
Latest data from the Reserve Bank of India shows that foreign exchange reserves for the week ending September 27 fell by $1.1 billion to $276.26 billion.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%