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Rupee loses 9 paise
MUMBAI: The rupee weakened by nine paise on Monday to close at 42.16/17 against the dollar.
It opened stronger at 41.95/96 a dollar at the interbank foreign exchange market against its week-end close of Rs. 42.08 driven by surging Asian stocks.
Later it traded firm at 42.02/03.
However the rupee weakened during the day and touched a low of 42.21 at one stage after news that the government did not plan to raise limits on corporates’ overseas borrowing, which led traders to cover short dollar positions.
It partially recovered to close at 42.16/17.
Dealers said the sustained uptrend in the local stock markets and lower oil prices helped in arresting a steep fall in the rupee.
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