Thursday, Apr 22, 2004
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MUMBAI, APRIL 21 . Breaching the 44 a dollar barrier yet again, the rupee tumbled to an over three-week closing low of 44.0550/0650 a dollar at the interbank foreign exchange market today, dragged down by sustained heavy dollar demand amidst acute cash dollar shortage. Declining by a steep 11 paise from the overnight finish of 43.9450/9550, the Indian currency was now hovering around 44.05/07 struck at close on March 29 and within the striking distance of 44.46/48 logged at the end of trading on March 26. Extending losses for the third consecutive trading session, the rupee had declined by 19 paise so far this week, pulled down by persistent heavy dollar demand from large offshore oil companies amidst lingering fears of a cash dollar shortage. In nervous trading at the interbank foreign exchange market, near-panic operators rushed to cover short dollar positions in the face of an acute cash dollar shortage and a resurgent dollar overseas, dealers said. Opening distinctly weak at 44.00/02, the rupee slid to a low of 44.07/09, before settling at 44.0550/0650 with sentiment turning negative for further declines tomorrow.
PTI
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