The Indian rupee on Nov 25 dipped below 50-mark against the greenback by turning dearer by 14 paise as the weaker position of Dollar against some other currencies helped Rupee to gain. It, closed off a high of 49.70, but still ended stronger by 0.3% at 49.93/95 per dollar, against Monday''s closing at 50.09/10. It had hit a record low of 50.60 last week.
The domestic unit gained about 30 paise at 49.70 a dollar in early trade in line with the surge in equity markets and anticipation of portfolio investments. The opening quote for the rupee was 49.80 a dollar, a dealer with public sector bank said.
At the Interbank Foreign Exchange (forex) market, the rupee moved in a range between 49.70 and 50.12 during the day. It had closed at 50.09/10 a dollar yesterday. The rupee has been under pressure ever since foreign institutional investors began pulling out funds from equity markets since the beginning of 2008 after emergence of US mortgage problems. They had pumped in a record $17 billion during last calendar year.
The domestic unit gained about 30 paise at 49.70 a dollar in early trade in line with the surge in equity markets and anticipation of portfolio investments. The opening quote for the rupee was 49.80 a dollar, a dealer with public sector bank said.
At the Interbank Foreign Exchange (forex) market, the rupee moved in a range between 49.70 and 50.12 during the day. It had closed at 50.09/10 a dollar yesterday. The rupee has been under pressure ever since foreign institutional investors began pulling out funds from equity markets since the beginning of 2008 after emergence of US mortgage problems. They had pumped in a record $17 billion during last calendar year.
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