The Hindu : Business : Rupee ends lower against dollar

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Friday, Mar 14, 2008
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Rupee ends lower against dollar

MUMBAI: After tumbling by 24 paise in the morning trade, the Indian rupee recovered smartly but still ended lower by 10 paise at 40.43/44 against a dollar on Thursday amidst a collapse in domestic as well as Asian stock markets, and softening of U.S. currency worldwide.

In a see-saw trade at the interbank foreign exchange market, the rupee opened weak at 40.45/47 against last close of 40.33/34.

The domestic currency dipped further in late morning session to 40.59 on distinctly weak equity markets across the globe.

Forex dealers said dollar buying by banks on behalf of oil refiners to their import requirements aided the weakness in rupee.

Forex dealers said heavy dollar selling by exporters amidst the softening of the U.S. currency pulled the rupee upwards in later part of the day. The local unit even touched a high of 40.38 a dollar.

Recovery in rupee was also partly attributed to weak dollar overseas. Dollar touched a record 12-year lower against the yen while all-time low against the euro on Wednesday in New York.

However, the collapse of stock markets was so strong that rupee moved downward again to close the day at 40.43/44. — PTI

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