Rupee slips on dollar demand

The partially convertible India rupee slipped by 18 paise per dollar on the Interbank Foreign Exchange due to dollar demand from importers.

Rupee generally follow the footsteps of Euro, if euro is rising against the dollar, same trend can be visible in the Indian currency as well. The Indian rupee felt the pressure after dollar posted gains against euro and other major currencies.

Weak trend seen in domestic equity market and concern over foreign funds outflows from stock market pressured more on rupee.

All eyes are set on ONGC share sale which is happening today, aiming to raise atleast of $2 billion which may attract foreign funds and boost rupee sentiment.

The Indian rupee opened at 49.07 per dollar versus 49 yesterday. At 12.05 pm IST, the rupee was seen trading at 49.18 lower by Rs 0.18.

Meanwhile, The benchmark Sensex plunged by 200 points . The 50-share NSE Nifty dropped by 56 points.

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