Rupee again falls against dollar

MUMBAI, JULY 7: The Indian rupee further eased by four paise to 43.32 against the US dollar on heavy corporate dollar demand at the fag end of trading as reports on refusal of withdrawal by Muslim guerillas in Kargil caused panic at the interbank foreign exchange (forex) market today.

The rupee opened nearly steady at 43.27 and hovered around that level till afternoon as the market was very quiet. But at the fag end, the market became nervous as the Kashmiri Musilim guerillas rejected the Pakistan government’s appeal to withdraw from the Kargil sector. Market players resorted to heavy dollar buying, putting pressure on the rupee.