INSUBCONTINENT EXCLUSIVE:
settling lower against the greenback
While crude oil prices rose further in anticipation of tightening supply, buying of the dollar by banks and importers along with
have sold dollars at 71.80 per dollar in the local spot forex market to stem a sharp fall in the rupee, according to the agency.Exporters
rushed to cover short-term orders and "possible intervention by RBI through PSU Bank might have helped Rupee to curb losses to recover back
up to 71.65 before ending the session at 71.75 levels", said forex advisory firm IFA Global.The dollar strengthened against a group of six
to raise dollar money," IFA Global added.A pick-up in GDP growth to a two-year high of 8.2 per cent in April-June had last month triggered
than 12 per cent against the greenback so far this year.(With agency inputs)
