Rupee continues to fall

The rupee continued to fall against the dollar, despite hopes that the currency would strengthen after the successful US$ 1 billion sovereign bond issue and the final IMF tranche amounting to US$ 415 million came through.

Currency dealers said the rupee, which opened at Rs. 131.40/70 against the greenback, slipped on importer demand before state names sold dollars preventing the rupee from falling further. The rupee closed at Rs. 131.70/132.10 against the dollar yesterday (30).

Dealers said volumes were thin.

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