Rupee Crossed The Psychological Mark Of 42

The rupee crossed the psychological mark of 42, on May 12, due to lesser industrial production data, high oil price and inflation. The lack of dollar supply combined with continuing dollar demand from domestic oil companies, also made the greenback dearer in the currency market. On May 12, the rupee closed at 42.05 against the dollar, about 46 paise lower than the previous close of 41.59/60. The rupee was last witnessed at 42 levels in April 2007.