Rupee Still Down By 17 Paise At 63.61 Against Us Dollar

The rupee turned weak after last week's four-day gain, still down by 17 paise at 63.61 against the US currency in late morning trade on fresh dollar demand from banks and importers amid higher dollar overseas.

The rupee resumed sharply lower at 63.62 per dollar as against last weekend's level of 63.44 at the Interbank Foreign Exchange market. It moved in a range of 63.65 and 63.56 per dollar during the morning deals before quoting at 63.61 at 1040 hrs.

The domestic currency had gained around 40 paise during the last four sessions to end at two-month high of 63.44 against the greenback last Friday.

Oil fell in Asia early on Monday as investors digested the implications of Greece rejecting tough austerity demands from creditors which could send the debt-strapped nation crashing out of the Eurozone, analysts said.

The Euro fell on Monday in early Asian trade, while the safe-haven yen rallied after Greeks voted to reject terms of a rescue package, deepening the country's financial crisis that could splinter Europe if creditors refuse further aid.

Meanwhile, the benchmark 30-share index Sensex was trading down by 216.17 points or 0.77 percent to 27,876.62 at 1045 hrs.

9:30 am: The Indian rupee slipped in the early trade on Monday. It has opened lower by 18 paise at 63.62 per dollar against Friday's closing value of 63.44 a dollar.

The euro fell around 1 percent amid fears of a Grexit - dollar index at around the 96 levels.

"The Greece 'No' vote will keep the risk appetite low for some time and market players will look to cut down risk positions. The USD-INR is expected to trade in a range of 63.50-63.80/dollar today", said Agam Gupta of Standard Chartered on Monday.

Source:- ibnlive.com