The Indian rupee slashed by another 21 paise to end at its new record low of 50.28/29 against the American currency. This was due to the fall in local stocks amid fresh dollar demand from importers. Resuming weaker at Rs 50.18/20 a dollar, the domestic currency bounced back to 49.94 level immediately in sync with an early rally in equity markets.It had closed at 50.07/10 a dollar on Nov 28.The rupee, however, again turned.
Weak in the latter part of the day and hit a low of 50.36 as oil refiners stepped up their dollar purchases in the light of lower oil prices. Foreign Exchange (forex) dealers said a sudden bout of dollar demand after global crude oil prices fell below $54 a barrel level in Asian trade this morning, weighed on the rupee sentiment. They said dollar demand picked in the late afternoon trade amid tight supplies, exerting pressure on the rupee.
Indian benchmark Sensex on Monday fell by 253 points or 2.78 per cent after a positive start in the morning. The rupee was continuously under pressure due to exodus of foreign funds from equity markets in the current calendar year, traders said. Foreign Institutional Investors have pulled out massive funds from Indian markets to meet their fund requirements abroad largely caused by the global financial crisis.
Weak in the latter part of the day and hit a low of 50.36 as oil refiners stepped up their dollar purchases in the light of lower oil prices. Foreign Exchange (forex) dealers said a sudden bout of dollar demand after global crude oil prices fell below $54 a barrel level in Asian trade this morning, weighed on the rupee sentiment. They said dollar demand picked in the late afternoon trade amid tight supplies, exerting pressure on the rupee.
Indian benchmark Sensex on Monday fell by 253 points or 2.78 per cent after a positive start in the morning. The rupee was continuously under pressure due to exodus of foreign funds from equity markets in the current calendar year, traders said. Foreign Institutional Investors have pulled out massive funds from Indian markets to meet their fund requirements abroad largely caused by the global financial crisis.
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