Rupee Tumbles By 32 Paise To 40.48 Against Dollar

The Indian rupee on April 29 tumbled by 32 paise to six-week low at 40.48/49 against the greenback on heavy dollar demand from oil refiners as well as hectic forward coverings by investors amid US dollar gaining strength against rival currencies. At the Interbank Foreign Exchange, the domestic unit continuously moved downwards after resuming steady at 40.15/16 a dollar from its last close of 40.16/17 a dollar. The benchmark six-month forward dollar premiums payable in October ended at 45-1/2 - 47-1/2 paise, down from 54 - 56 paise on April 28 and the far-forward maturing in April dipped to 75-1/2 - 77-1/2 paise from 88 - 90 paise previously