Rupee declines against dollar

MUMBAI: After strengthening against the dollar in the last one week, the Indian rupee fell sharply by 32 paise against the US greenback on hectic dollar buying by corporates and banks in a very active interbank foreign exchange (forex) market today.

The rupee opened slightly lower at 42.21/23 and moved up to 42.15.17 level in the morning with less dollar demand. But the rupee later started sinking due to heavy dollar buying by corporates and banks to cover up their positions. The rupee finally closed lowed at 42.53 against the dollar.