US dollar eases against rupee

Lower import demand saw the US dollar ease against the rupee by 40 to 50 cents on Friday in the local money markets, dealers said.

The interbank dollar selling rate was pegged at Rs. 178.50-Rs. 178.60 with dealers saying most imports for the December season was already transacted earlier, reducing pressure on the local currency. Outside the market, the selling rate was around Rs. 180 or slightly over this.

Car sales have also plummeted due to higher taxes further easing pressure on the rupee, dealers said adding that the Central Bank didn’t appear to intervene in the market. Outflows from the stock and bond markets have also eased.