Rupee ends five paise lower at 48.60/61 against $

The Indian rupee ended five paise lower at 48.60/61 against the American currency today on emergence of month-end dollar demand and stronger dollar overseas amid bearish local stocks.

The domestic currency resumed steady at 48.55/57 a dollar from its last close of 48.55/56 and hovered in a range of 48.73 and 48.49 during the day.

Dealers at the Interbank Foreign Exchange (forex) market said the Indian unit generally moved in tandem with the local equity market and also came under pressure at the fag end of session as equity markets traded in the red.

They said oil refiners were seen buying dollars for their import payments due to approaching month-end.

 

The rupee failed to sustain its higher levels due largely to continued capital outflows in the past few days.

Foreign institutional investors pulled out nearly $300 million from equity in the initial three days of the week.

The Indian benchmark Sensex ended lower by 77.11 points or 0.53 per cent while Asian indices gained about 1.0 per cent to 2.15 per cent after the Federal Reserve kept its fund rate steady.

Meanwhile, global oil prices moved up towards $69 a barrel in Asian trade today.