Rupee falls sharply against dollar by 35 paise to 45.18/USD

Mumbai, Apr 12 (UNI) Rupee fell sharply closing at 45.1800 per US dollar with a loss of around 35 paise as compared to the last close of 44.8350/8450, said a foreign exchange (Forex) dealer here.

High crude oil prices along with 306 points fall on the Sensitive Index of the Bombay Stock Exchange led to heavy pressure on the rupee, leading to its sharp fall.

Earlier, the rupee today fell sharply to 44.9150/9300 in the opening move after opening stronger at 44.81/82 per US dollar, as compared to the last close of 44.8350/8450, the forex dealer added.

The Indian basket of crude oil prices soared to a new high of USD 66.01 per barrel, which was main worry for the rupee as India's imports bill for crude oil was huge at USD 43.8 billion in the last fiscal.

The crude oil price in the New York Mercantile Exchange (NYMEX) hovered around USD 69-70 per barrel.

Also Rs 427 crore of foreign fund outflow in the Indian equity market reported by market regulator SEBI for last Friday, was another factor for rupee being under pressure.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.93, which was 19 paise down from the previous close.

The six-month forward premia ended lower at 1.18 per cent, as compared to previous close at 1.28 per cent.

The one-year forward premia also ended lower at 1.20 per cent, as compared to the last close at 1.36 per cent.

The cross-currency closing rate for the rupee against the euro was 54.88 (54.30), which was 58 paise higher, for pound sterling it was 79.35 (78.28), which was Rs one and seven paise higher and for the Japanese yen it was 38.25 (37.89), which was 36 paise higher from the previous close.

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