Rupee pares last week gain after euro slumped against dollar in the overseas. This is followed by the fall in financial stocks in the Asian market. The financial stocks were in a mess as the focus of the day turned to be on European Union summit meeting and Greece talks with Private creditors to reach agreement for raising fund, which is crucial to avoid debt default in March.
Last week, Euro trade was in limelight as the announcement of US Federal Reserve to keep the interest rates at the same level till 2014 had lifted up market sentiment.
The six currencies movement tracking dollar index strengthened during the early trade on the Interbank Foreign Exchange Trade. At the same time, Rupee declined 17 paise to Rs.49.48 per dollar due to faded sentiment for financial stocks in the global market, which in turn boosted dollar demand and decreased euro.
This was further coupled with strong demand for dollar from Indian oil importers had depreciated rupee value in the global market.
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