Rupee fails to maintain early gains vs dlr, drops 18 paise

Mumbai, Mar 26: The rupee failed to maintain early gains and slipped 18 paise to 51.35 against the American currency on fresh dollar demand from importers amid weak equity markets. The rupee resumed slightly higher at 51.15/16 per dollar at the Interbank Foreign Exchange (Forex) market, as against the last weekend's level of 51.17/18 per dollar but declined immediately to 51.35 per dollar before quoting at 51.24/25 per dollar at 10:30 am.

The domestic currency hovered in a range of 51.05 per dollar and 51.35 per dollar during the morning trade. Month-end dollar demand from importers mainly from oil- refiners mainly affected the rupee value against the dollar, a forex dealer said. Sharp fall in equity market is another factor behind fall in the rupee value. The BSE Sensex tumbled 184 points or 1.06 per cent in the early trade amid weak Asian markets.

PTI