Rupee falls

The rupee edged slightly lower against the dollar on Friday due to an uptick in the demand for the greenback from importers. The rupee was down a single paisa to 105.51 in the interbank market and was set to weaken further next week.
“As a whole, the rupee traded in a narrow range and investors remained calm ahead of the monetary policy announcement by the central bank the same day,” a dealer said.
“Investors were already pricing in no change in the monetary policy stance of the State Bank at least for the next two months. However, the external sector worries are heading rupee down steadily.” The central bank’s foreign currency reserves dipped to $13.541 billion during the week ended November 17 from $13.678 billion a week ago. However, the rupee / dollar parity stayed flat at 107.30/50 for buying and selling in the open market.