Rupee declines

The rupee slightly fell against the dollar due to import payment pressure and uncertainty about the exchange rate, dealers said on Friday.

The rupee ended down by two paisas to Rs128.50 against the dollar as compared to Thursday’s closing of Rs124.48 in the interbank foreign exchange market.

Currency experts said the traders were uncertain about the dollar value because of recent sudden decline. The economic indicators, especially the external sector, were not good and it could put more pressure on the local unit, they added. Some other experts are anticipating more devaluation of the rupee next week. The interbank foreign exchange market on Friday initiated in the range of 128.40 and Rs128.50. In the open market, the buying and selling of the dollar were recorded at Rs130 and Rs130.50.