Rupee Lost Further Ground On May 7

The rupee lost further ground on May 7 and broke the psychological 41 level, plunging to its lowest in eight months. The Indian currency has depreciated by around Rs 1.20 since the annual review of the monetary policy on April 29, the day the rupee began its downward journey. The domestic currency opened on May 7 at 41.03/06 and reached an intra-day low of 41.41. It finally ended the day at 41.35/36, against the previous close at 40.96. The one-month delivery rupee in the NDF market was at 41.58 against the dollar at close. The rupee''s fall on May 7 was more because of panic feeding on itself. The 6-month closed at 1.79 per cent (1.63 per cent) and the 12-month ended at 1.51 per cent (1.44 per cent).