Submitted by Harish Dhawan on Tue, 07/28/2009 - 21:23.
The reports of heavy purchase of foreign currency by importers declined Indian Rupee for the first time in four days. The import oriented firms generally make payments in foreign currency to settle month-end payments, thus pushing dollar rates at the month's end.
India pays a huge sum as oil import bill and thus refiners are the largest buyers of US dollars for import bill payouts.
Ravindra Babu, a Mumbai-based foreign-exchange trader with Andhra Bank, said, "With importers' dollar demand strengthening ahead of the month's end, the rupee is expected to keep a weakening bias."
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