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Sharp fall in rupee
MUMBAI:
The rupee on Wednesday turned sharply weak against the U.S. currency due to fresh dollar demand along with covering up of short positions by traders and closed at 44.3550/3650 a dollar. In active trading at the interbank foreign exchange market, the Indian currency started on a steady note at 44.24/26 and rose sharply to a high of 44.21. Later, it plunged to a low of 44.42, before closing at 44.3550/3650, sharply lower than the previous close of 44.24/25. Good dollar buying by State-run banks also dampened rupee sentiment, dealers said.
Meanwhile, foreign funds inflow into the stock market remained unabated and the BSE Sensex closed at a new high of 14014.92. — PTI
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