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Rupee plunges to 7-1/2-week low

MUMBAI NOV. 20. After an overnight brief respite, the rupee resumed its south-bound journey against the U.S. currency and plunged to a 7-1/2-week low close of 45.75/77 a dollar today, pulled down by hectic all round dollar demand amidst a cash dollar shortage scare.

Nervousness gripped the interbank foreign exchange market, as near frenzy dollar short-covering from all quarters took a large chunk of 14 paise of the rupee value in the face of depleted dollar supplies, dealers said.

Apprehensions of a slowdown in foreign fund inflows due to the approaching year-end and the new ECB norms have weighed considerably on the rupee value, they added.

Opening around the overnight finish of 45.62/63, the rupee rapidly tumbled to a low of 45.78/80, before settling at 45.75/77 at close.

PTI

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