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Rupee at new low

MUMBAI: The Indian rupee is fast approaching the 41-mark against the U.S. dollar with the domestic currency on Monday closing at six-and-a-half month low of 40.72/73 on distinctly weak trend in stock markets. It closed at 40.4350/4450 last Friday.

However, rupee premiums on forward dollar remained firm and rose further on sustained paying pressure from banks and corporates.

Forex dealers said Indian rupee touching 41-mark against the dollar was not far, if we were to consider the weak trend in equities, which analysts predict, would continue in the near term, leading to massive outflow of the capital.

The rupee had appreciated to the 39-level in September last year following massive capital inflows. However, on February 21, the domestic currency breached the 40-mark for the first time in five months. — PTI

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