Mumbai: Rupee opens at 43.25/26 against USD

Mumbai, Mar 29: The Rupee today resumed lower at 43.25/26 against the US dollar compared to its seven-year high previous close of 43.05/06 on short-covering of dollar in view of month end consideration, dealers said.

The Indian currency fell sharply this morning session, retreating from seven-year high hit yesterday as investors squared off short dollar positions and on month-end dollar buying by oil firms.

Later, the Rupee was quoted between 43.24/25 and 43.50/52 per dollar during the mid-morning session.

It has gained about 8.5 per cent since hitting a three-year low last July.

A shift in the settlement date for three-day forward contracts struck yesterday due to the end of the fiscal year was another reason behind the fall. India's fiscal year ends on March 31.

The regular month-end demand for dollars by oil firms had further weakened the Rupee, dealers added.

UNI