Rupee weakens by 21 paise as oil importers’ demand for dollar grows
The rupee weakened by 21 paise to settle at a three-week low of ~82.23 against the US dollar on Wednesday as the greenback’s demand from oil marketing companies (OMCs) grew stronger, dealers said.
On Tuesday, the rupee had weakened by 10 paise to settle at 82.01 against the US dollar.
“Stop losses would have been triggered near 82.07-08 as it was trading in a choppy range for the past two weeks. That apart, falling premiums and a lower spot pushed importers to buy dollars and exporters to stay away and wait for higher levels,” said Amit Pabari, managing director, CR Forex.
