A steep fall in share prices following the exodus of foreign funds pulled the Indian rupee down by a whopping 73 paise to its lowest level in 5.5 years of 47.82/83 against the US dollar. Heavy pullout by foreign funds from equity markets weighed on the rupee sentiment, while there was some dollar from oil refiners following a fall in global crude oil prices.
At the Interbank Foreign Exchange (Forex) bank, the domestic unit resumed weak at 47.40/41 per dollar from
Friday''s close of 47.09/10.After moving in a range of 47.28 and 47.85, the rupee on Monday ended at 47.82/83 a dollar, a fall of 1.55 per cent over previous close. Last time it had ended at 47.80 per dollar on March 7, 2003.Forex dealers said oil corporates were sustained buyers in dollar to grab the opportunity of fall in global crude oil prices near USD 90 a barrel in Asian trade on Oct 6.They said a slump in Asian stocks despite the USD 700 billion bailout package being passed by the US government last week to stem the financial crisis amid uncertainty in global markets affected the rupee sentiment.
Asian indices were down by 4.1 per cent to 5.6 per cent, while Indian benchmark Sensex tumbled by nearly 725 points or 5.78 per cent at close on Oct 6. Foreign Institutional Investors (FIIs) pulled out nearly USD 259 million on last Friday taking a total to USD 9.43 billion in the current calendar so far.
At the Interbank Foreign Exchange (Forex) bank, the domestic unit resumed weak at 47.40/41 per dollar from
Friday''s close of 47.09/10.After moving in a range of 47.28 and 47.85, the rupee on Monday ended at 47.82/83 a dollar, a fall of 1.55 per cent over previous close. Last time it had ended at 47.80 per dollar on March 7, 2003.Forex dealers said oil corporates were sustained buyers in dollar to grab the opportunity of fall in global crude oil prices near USD 90 a barrel in Asian trade on Oct 6.They said a slump in Asian stocks despite the USD 700 billion bailout package being passed by the US government last week to stem the financial crisis amid uncertainty in global markets affected the rupee sentiment.
Asian indices were down by 4.1 per cent to 5.6 per cent, while Indian benchmark Sensex tumbled by nearly 725 points or 5.78 per cent at close on Oct 6. Foreign Institutional Investors (FIIs) pulled out nearly USD 259 million on last Friday taking a total to USD 9.43 billion in the current calendar so far.
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