Business   

Rupee weakens against $

MUMBAI: The rupee on Monday weakened against the U.S. currency on renewed dollar demand at sharply lower levels, undergoing a technical downward correction from the weekend surge to over 2-3/4 month high in moderately active trading at the interbank foreign exchange market.

Closing at 43.5750/5800 a dollar, lower from last Friday's 2-3/4 month closing high of 43.52/54, the rupee was wedged in a range of 43.5600 and 43.6000 in mostly directionless trade.

The rupee opened weak at 43.58/59 on the back of a robust dollar overseas.

Despite bunched up weekend dollar supplies and sliding global oil prices, the rupee underwent a downward correction on Monday due to fresh dollar demand at lucrative levels amid a strong dollar overseas, dealers said. Fears of central bank intervention in support of the dollar also weighed on rupee value, they added. — PTI

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts: Classifieds | Employment | Updates: Breaking News |

Stories in this Section

Unilever, Lipton divest stake in Rossell Ind.
Manwani to succeed Banga
Manufacturing drives growth: FICCI study
MUL hikes prices
Murugappa group draws up Rs. 650 cr. capex programme
COFEPOSA must go: Assocham
TRAI revises 64 kbps rates
SAT favours extension of retirement age
Fresh buying lifts Sensex
Rupee weakens against $
Bullion rates
Exchange rates
IDBI net profit doubles
Ultramarine pays 150 p.c.
UTI Bank's bancassurance tie-up
JB Chem in pact with Australian firm
Samsung India elevates director
Bank of Baroda inducts new director
New bank chairmen

Copyright © 2005, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu