Rupee Down by 27 Paise to 45.80 Against U.S. Currency

Rupee fell sharply by 27 paise is 45.80 against the U.S. currency trading by mid-morning in a strong dollar demand from importers and banks.

strong demand for the dollar as U.S. currency in New York society, mainly due to rupee value, the trader said.

The dollar turned higher in New York yesterday, particularly against the Japanese yen and British pound, positive U.S. economic data invented optimism in Europe and worries that China today is the second largest economy in the world, could push the tightening of monetary policy.

In active trade at the interbank foreign exchange (Forex), national unity opened lower at 45.63/64 a dollar from its previous close of 45.53/54 and fell to 45.80 per dollar before quoting 45.74 / 75 per dollar at 1030hrs.

He moved in the range of 45.63 per dollar and 45.80 per dollar in morning trading.

Meanwhile, crude oil prices were lower in Asian trade today as an unexpected gain in U.S. inventories of crude oil put a brake on energy demand, analysts said. In New York, light sweet crude for March delivery fell three cents to 89.56 dollars a barrel.