The Indian rupee on Feb 17 reported the biggest fall in more than three months, to close at nearly two-and a half month low of 49.70/72 against the US currency. The forex dealers attributed the steep fall to the extremely sluggish global equity markets, which they said may lead to increased capital outflows. Besides this, the strong dollar buying by banks to sell in the offshore non-deliverable forwards market also put pressure.
The rupee in a one-way trade at the Interbank Foreign Exchange (Forex) market, opened sharply lower at 49.00/01 a dollar and fell further to settle at 49.70/72 a dollar. The domestic currency tumbled by 119 paise or 2.47 per cent on November 12, 2008.
The rupee in a one-way trade at the Interbank Foreign Exchange (Forex) market, opened sharply lower at 49.00/01 a dollar and fell further to settle at 49.70/72 a dollar. The domestic currency tumbled by 119 paise or 2.47 per cent on November 12, 2008.
No comments:
Post a Comment