Mumbai Nov 23: The Indian Rupee slid by 17 paise to close at its lowest level in a month at Rs 39.71 against the US Dollar as compared to the previous close of 39.53/54 per dollar in a fairly active Forex market today.
The partially convertible Indian Rupee today started at 39.48 per dollar in early trade. It traded in the range of 39.53 and 39.71 per dollar during the day trade, dealers said.
It had hit 39.16 earlier this month, its highest since March 1998.
According to dealers there was some strong offshore demand for dollars today, and with the U.S. holiday there isn't much of an inflow expected tomorrow.
Also, with the central bank providing a downside floor for dollar-rupee, traders are happier to push the pair up, dealers added, referring to the Reserve Bank of India's (RBI) recent efforts to block the rupee from rising past 39.30.
The Reserve Bank of India (RBI) today fixed the reference rate at Rs 39.57 per US Dollar. The reference rate was down by 16 paise as compared to yesterday's rate of Rs 39.41 per USD, The six-month forward premium closed firm at 1.45 (1.42) per cent, while annualized premium ended marginally lower at 1.20 (1.16) per cent.
The Rupee traded stronger against other major world currencies today. The Indian unit ended firm at 58.82 against the Euro. The Rupee closed stronger at 81.78 per unit, against Pound Sterling, while against the Japanese Yen, the Rupee ended at 36.82 per hundred units.