Rupee At 42.96 Against US Dollar - June 11, 2008

Rupee is fast approaching the crucial 43 level as the local unit lost nine paise at 42.96/97 against the greenback on June 10 with demand from oil companies for dollar continuing amid inadequate supply of the US currency and sluggish equity markets. The local currency resumed on a promising note at Rs 42.84/86 a dollar but later came under pressure and declined to 42.97 level as oil corporates stepped up dollar purchases. The rupee had closed at Rs 42.87/88 a dollar on June 9.