Wednesday, Dec 08, 2004
Wednesday, Dec 08, 2004 |
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MUMBAI, DEC. 7. The rupee today weakened against the U.S. currency on renewed dollar demand at sharply lower levels, adjusting to a downward correction from overnight 8-month peaks even as healthy foreign funds and trade inflows reduced sharp losses. In choppy two-way trading at the interbank foreign exchange market, the rupee closed at 43.7150/7250 a dollar, a 7-1/2 paise decline from Monday's 8-month closing peak of 43.64/65, but a sharp recovery from early low of Rs 43.80/81. The rupee opened weak at Rs 43.67/70 a dollar. A fresh round of heavy dollar short-covering by corporates and importers at sharply lower levels amidst a mild dollar rebound overseas weakened the rupee considerably in early trade. A spike in global oil prices also weighed on rupee value. But, strong exporter dollar sales partly cushioned the fall of the rupee, a dealer said. Despite today's downward correction, the outlook for the rupee remains distinctly positiveon the back of rising foreign fund inflows. — PTI
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