In lacklustre trade, the rupee on Friday fell for the first time in three days weakening by five paise to end at 54.33 against dollar amid continued worries over political stability and the Cyprus issue keeping global financial markets on tenterhooks.
Hopes of foreign fund inflow in the government’s 5.82 per cent offer for sale (OFS) in Steel Authority of India Ltd. (SAIL), helped the rupee limit losses, said a forex dealer.
The rupee started lower at 54.35 a dollar from overnight close of 54.28 at the Interbank Foreign Exchange (Forex) market here today. Trading was later confined to a narrow range of 54.26 and 54.41 before the rupee concluded at 54.33, showing a fall of five paise or 0.09 per cent.
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It had gained 9 paise in previous two sessions.