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Rupee loses further ground
MUMBAI,
JAN. 6.
Despite an early rally, the rupee today succumbed to renewed heavy dollar demand and ended at a 16-day closing low of 43.91/93 a dollar, as sentiment remained depressed due to the sustained meltdown in the stock market following frenzied selling by foreign institutional investors.
In choppy two-way trading at the interbank foreign exchange market, the rupee lost another nine paise from Wednesday's finish of 43.8250/8350 after the initial rally that took it to a high of 43.71/73. It opened firm at 43.74/76.
The rupee declined by a steep 31 paise yesterday, pulled down by hectic dollar demand spurred by the dollar's smart rally overseas amidst global interest rate uncertainties.
The domestic currency has depreciated by 46 paise so far this week following a spurt to five-year peak of 43.45/47 struck at close of trade on December 31. — PTI
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