Wednesday, Nov 03, 2004
Wednesday, Nov 03, 2004 |
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MUMBAI, NOV. 2. A late round of hectic dollar short-covering amidst heavy export cancellations drove the rupee sharply lower against the U.S. currency today, despite a smart early rally on the back of strong foreign fund inflows and positive sentiment due to falling global oil prices. In volatile trading at the interbank foreign exchange market, the rupee closed at 45.49/50 a dollar, a steep eight paise decline from Monday's close of 45.41/42 after hitting an early high of 45.38/39. It opened firm at 45.39/41. The rupee lost two paise yesterday due to dollar demand from oil corporates. Extending overnight losses, the rupee succumbed to a late bout of hectic dollar demand from banks, corporates and importers amidst heavy export cancellations. A firm dollar overseas also fuelled local dollar demand to exert further pressure on the rupee even as the general outlook was positive on rising foreign fund inflows amidst sliding world oil prices, dealers said. PTI
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