Friday, June 19, 2009
MUMBAI: The Indian rupee dropped to fresh one-month lows on Thursday as the stock market fell for the fifth time in six sessions, with gains in the dollar versus the euro also adding to the downward pressure. The partially convertible rupee closed at 48.21/22 per dollar, 0.2 percent weaker than its previous close of 48.13/14.
It fell as low as 48.32 during trade, its weakest since May 18. "The rupee was broadly tracking the stock market today. There was also demand for some 150 million dollars from a private sector bank for one of its clients, which weighed on the rupee," a senior dealer with a private bank said. Dealers said the dollar's gains versus major currencies also weighed. The US unit edged up against the euro as European shares turned lower, while sterling fell sharply after weak UK retail sales and public finance data.
(Reuters)
MUMBAI: The Indian rupee dropped to fresh one-month lows on Thursday as the stock market fell for the fifth time in six sessions, with gains in the dollar versus the euro also adding to the downward pressure. The partially convertible rupee closed at 48.21/22 per dollar, 0.2 percent weaker than its previous close of 48.13/14.
It fell as low as 48.32 during trade, its weakest since May 18. "The rupee was broadly tracking the stock market today. There was also demand for some 150 million dollars from a private sector bank for one of its clients, which weighed on the rupee," a senior dealer with a private bank said. Dealers said the dollar's gains versus major currencies also weighed. The US unit edged up against the euro as European shares turned lower, while sterling fell sharply after weak UK retail sales and public finance data.
(Reuters)
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