Business   

Rupee drops sharply

MUMBAI: The rupee on Friday dropped sharply to close at 40.51/53 against the U.S. currency following a crash in global equity markets on concerns over the U.S. credit and housing markets.

According to dealers there was a rush to cover short dollar positions following sluggish U.S. stock market over weakness in housing market.

In an active trade the Indian unit opened sharply lower at 40.50/51 against Thursday’s close of 40.34/35.

Later, it gyrated in a wide range of 40.43 and 40.57 before ending the day at 40.51/53, a steep fall of 17/18 paise over the previous close.

A sharp rise in the Japanese yen which hit a three-month high against the dollar mainly translated into a stronger dollar against other currencies. — PTI

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

Stories in this Section

Sensex crashes 540 points in volatile trading
Chidambarm asks corporates to acquire businesses abroad
ITC mid-segment retailing foray may have to wait
GAIL net up at Rs. 685 cr.
NTPC, RINL sign MoU
Tekelec to upgrade BSNL networks
IOB’s growth momentum continues
Avesta Good Earth expands range
TVS Interconnect buys Ramco Infotech
Rupee drops sharply
TVS Motor posts lower profits
NIIT Technologies revenue rises
ING Vysya Bank’s net up 71 p.c.
Nalco shuts down two power units
Canara Bank net rises 26 p.c. in first quarter
ITC reports 20 p.c. rise in net at Rs. 783 cr.
Tata Chemicals posts 54 p.c. rise in net profit
Consortium to fund Bhatinda refinery
CoS submits report to PMO
Inflation rate rises to 4.41 p.c.
EGoM to decide on Sasan issue
Forex reserves up 3.087 b

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu