Rupee down at a week's low of 43.22 against USD

Mumbai, July 15 (UNI) The Rupee today closed at a week's low at 43.22/24 against the US dollar with a loss of nearly 30 paise from its previous close of 42.92 on good dollar demand from foreign banks and oil exporters.

The Rupee was weaker after Fitch Ratings downgraded its local currency outlook coupled with rising global oil prices, highlighting worsening underlying economic conditions.

Rupee ended at 43.22/24 per dollar, 0.71 per cent weaker than Monday's close of 42.92/93. It hit a 15-month low of 43.50 early this month. It resumed low at 43.00 and fluctuated in a wide range between 43 and 43.29 during the session.

However, The Reserve Bank of India (RBI) today fixed the reference rate for US Dollar at Rs 43.17 per unit against yesterday's rate of 42.82 per USD.

The six-month and annualised forward premium was quoted higher at 5.17 (5.07) per cent and 4.48 (4.41)) per cent, respectively, on sustained demand for dollars in the currency market.

Rupee ended the day weaker at 68.92/94 (67.88/90) per unit against the Euro. However, it closed stronger at 86.64/66 (85.12/14) per unit against the Pound Sterling, while Rupee ended at 41.16/18 (40.10/12) per hundred units against the Japanese Yen.

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