# Rupee weakens as dollar demand rises after fraud  - The Hindu

> The rupee weakened as dollar demand rose, with banks becoming more cautious about buyer's credit and letters of credit after the Punjab National Bank fraud. State-run banks sold dollars intraday, trimming the rupee's fall to 65.17 per dollar. The rupee has lost about 1.3% since the fraud surfaced on February 14.

- Date: 2018-02-28 · published 2018-02-28T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/66776-rupee-weakens-as-dollar-demand-rises-after-fraud-the-hindu
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

Tighter trade finance raises the cost of importing for Indian buyers and could slow purchases of feed inputs priced in dollars. A weaker rupee makes dollar-priced imports more expensive in local terms.

## Read by commodity

- USDINR: bullish ▲

## Sources

- thehindu.com: https://www.thehindu.com/business/rupee-weakens-as-dollar-demand-rises-after-fraud/article22882694.ece

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.