Friday, October 3, 2008

Rupee Reached Low Against Dollar Trade - Oct 3, 2008

The rupee reached a five-year low of 47.23 against the dollar during trade on Oct 1, due to the overall strengthening of the dollar in the overseas markets. However, interference by the central bank and dollar selling by corporates helped the rupee recover by 36 paise. The currency opened lower at 47.13/15 and weakened to reach an intra-day low of 47.23/25. It recovered to end at 46.61/62, against the previous close of 46.97/99. In the forward market, the 6-month premium closed marginally higher at 0.65 per cent and the 12-month ended at 0.66 per cent.

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