Thursday, Jul 22, 2004
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MUMBAI, JULY 21. Extending losses to the third straight session, the rupee today lost another four paise against the U.S. currency, as sustained dollar demand from oil companies and importers, and weak market sentiment kept it deeply depressed in spite of sporadic exporter dollar sales.
In moderate two-way activity at the interbank foreign exchange market, the rupee closed at 46.13/15 a dollar, sharply lower from Tuesday's finish of 46.09/11 after moving either-way in a broad range of 46.0500 and 46.1600. It opened distinctly weak at 46.14/16, reflecting the dollar's sudden rally against major global currencies on robust U.S. economic growth.
Although, the outlook for the rupee remains bleak due to surging global oil prices, rising inflation, slowdown in foreign fund inflows and fears of a below par monsoon, sporadic dollar sales by exporters helped it rally to a high of 46.04/06.
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