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Journalism of Courage
The rupee pulled back partially from the days low on Monday buoyed by dollar sales from some local companies,although weakness in the domestic markets on signs of cooling domestic growth weighed.
The rupee closed at 52.87 to the dollar,0.3 per cent weaker from its 52.70/72 close on Friday,after moving in a wide 52.72-53.25 band during the day. Fresh dollar demand from banks and corporates on the back of a higher dollar in overseas markets mainly affected the rupee value against the dollar,a forex dealer said. Fears of sovereign downgrades over the euro zone debt crisis pressured the euro on Monday,while news of the death of North Korean leader Kim Jong-il fed fears of regional instability in Asia.
