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Rupee drops further
MUMBAI:
Sustained heavy month-end dollar demand on the back of a robust overseas demand drove the rupee to one and half month closing low of 43.77/78 a dollar with the outlook uncertain due to firm global oil prices amid concerns of a cash dollar shortage scare.
Sliding by a whopping 18 paise from Monday's close of 43.5925/6000 on a virtual scramble for dollars from all quarters for the usual month-end payments, the rupee remained under considerable pressure due to a strong dollar against major global rivals, mainly the euro.
A slowdown in foreign fund inflows restricting dollar supplies amid apprehensions of a cash dollar shortage in the futures market added to rupee woes, dealers said. Relatively firm global oil prices at $51.60 a barrel also weighed on rupee value. The rupee opened distinctly weak at 43.65/68 a dollar.
The rupee has depreciated by over 26 paise in the last two consecutive sessions.
PTI
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