Rupee falls to 7-wk lows
The rupee ended near its lowest in seven-weeks on Monday, unable to sustain a boost from the sharemarket turning around early losses and
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as the dollar lost ground against major currencies. The partially convertible rupee closed at 46.83/84 per dollar from 46.73/74 on Friday.
It fell as low as 46.8650, its lowest since Dec. 23, with traders saying a figure of 46.90 reported in afternoon trade was a mis-hit. “The market was very volatile today. The rupee’s weakness was initially held by custodial flows, but with the stock market tanking it followed the weakness, recovering mid-afternoon when globally risk got pushed up,” said Nitesh Kumar, an inter-bank dealer with Development Credit Bank.
“But that was shortlived as the dollar came off its lows globally and European shares also turned negative after a firm start, pushing the rupee down again,” he added. Indian shares pulled back from an early slide and eked out a 0.1 percent gain.
News beuro,
- Last Modified: February 8, 2010
- Filed Under: Latest News, MARKETS, NATION, WORLD
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