Rupee falls by 2 paise against dollar

Rupee falls by 2 paise against dollar

Agency News

Mumbai, Jun 6: The Rupee on Thursday fell marginally by two paise to 69.27 against the greenback on rising demand for US dollars by bankers and importers, dealer at forex market said.
The local unit that dropped by 15 paise to 69.40 later it erased earlier losses and finished at 69.27, still two paise was lost as compared to its last close.
During the day high fluctuation was witnessed as as it registered day high and low at 69.45 and 69.19 respectively.
The Rupee remained weak due to firm dollar against other world currencies and negative equity market, dealers added.
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on Thursday cut interest rates by 25 basis points to 5.75 per cent from 6 for the third time in a row, with immediate effect as was widely expected.
The reverse repo rate under the LAF stands adjusted to 5.50 percent, and the marginal standing facility (MSF) rate and the Bank Rate to 6 percent.