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Indian Rupee Falls as Importers Step in to Buy Dollars

July 14, 2014 at 14:47 by Vladimir Vyun

Various Indian rupee notesThe Indian rupee fell today as local importers were buying dollars for their needs, while Indian shares demonstrated lackluster performance, suggesting that investors are not particularly interested in the nation’s assets.

Analysts speculate that the current weak performance of the rupee can be explained by Indian companies buying dollars to make purchases overseas. Previously, experts were talking about exporters selling dollars as the reason for the currency’s rally. The S&P Bombay Stock Exchange Sensitive Index, which tracks 30 biggest Indian companies, fell 0.1 percent today, while it fell more than 4 percent during the previous week.

USD/INR rose from 59.93 to 60.09 as of 14:47 GMT on COMEX today.

If you have any questions, comments, or opinions regarding the Indian Rupee, feel free to post them using the commentary form below.

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