ID :
31049
Wed, 11/19/2008 - 09:47
Auther :
Shortlink :
http://m.oananews.org//node/31049
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Rupee cheaper by 33 paise against a dollar
Mumbai, Nov 18 (PTI) The Indian rupee is closing in on 50-mark against a US dollar as the domestic currency Tuesday lost 33 paise paise on sustained capital outflows and fresh demand for the greenback from oil refiners.
The rupee closed at 49.67/69 cheaper, its lowest level in
more than two weeks.
Moving in sync with weak trends in local stocks, where
the benchmark Sensex lost more than 350 points, the domestic
currency hit a low of 49.80 level during intra-day before
recovering some losses.
Dealers in foreign exchange said growing fears of exports
being hit by a longer worldwide recession cast a shadow on
rupee sentiment.
They said fresh dollar demand from oil refiners amid
continued portfolio outflows exerted pressure on the rupee
during the day.
Bearish equity markets and fears of more outflows in view
of recession in major economies also weighed on the rupee
sentiment.
Finance Minister P Chidambaram's statement that the
government will take steps to stimulate the domestic economy
failed to have any impact on the exchange market.
He said, "The rupee has depreciated because the dollar
has shown extraordinarily strong performance. It is ironical
that money is flowing back to the country where the crisis
originated."
The Reserve Bank of India fixed the reference rate for
dollar at Rs 49.68 and for the single European currency at Rs
62.58.
The rupee premiums on forward dollar recovered smartly
and ended higher on fresh paying pressure from banks and
corporates.
The benchmark six-month forward dollar premium payable in
April ended at 61-64 paise, up from 48-50 paise on Monday
and fast-forward maturing in October also shot up to 90-93
paise from 72-74 paise previously.
In cross-currency trades, the rupee fell further against
pound while declining against the euro.
The domestic currency dropped against the pound to end
the day at Rs 74.60/62 per pound from overnight close of Rs
73.55/57 per pound and declined further against the single
European unit to Rs 62.65/67 per euro from previous close of
Rs 62.39/41 per euro.
It moved down against the Japanese Yen to Rs 51.67/69 per
100 Yen from last close of Rs 51.16/18 per 100 Yen. PTI JCG
RKM
The rupee closed at 49.67/69 cheaper, its lowest level in
more than two weeks.
Moving in sync with weak trends in local stocks, where
the benchmark Sensex lost more than 350 points, the domestic
currency hit a low of 49.80 level during intra-day before
recovering some losses.
Dealers in foreign exchange said growing fears of exports
being hit by a longer worldwide recession cast a shadow on
rupee sentiment.
They said fresh dollar demand from oil refiners amid
continued portfolio outflows exerted pressure on the rupee
during the day.
Bearish equity markets and fears of more outflows in view
of recession in major economies also weighed on the rupee
sentiment.
Finance Minister P Chidambaram's statement that the
government will take steps to stimulate the domestic economy
failed to have any impact on the exchange market.
He said, "The rupee has depreciated because the dollar
has shown extraordinarily strong performance. It is ironical
that money is flowing back to the country where the crisis
originated."
The Reserve Bank of India fixed the reference rate for
dollar at Rs 49.68 and for the single European currency at Rs
62.58.
The rupee premiums on forward dollar recovered smartly
and ended higher on fresh paying pressure from banks and
corporates.
The benchmark six-month forward dollar premium payable in
April ended at 61-64 paise, up from 48-50 paise on Monday
and fast-forward maturing in October also shot up to 90-93
paise from 72-74 paise previously.
In cross-currency trades, the rupee fell further against
pound while declining against the euro.
The domestic currency dropped against the pound to end
the day at Rs 74.60/62 per pound from overnight close of Rs
73.55/57 per pound and declined further against the single
European unit to Rs 62.65/67 per euro from previous close of
Rs 62.39/41 per euro.
It moved down against the Japanese Yen to Rs 51.67/69 per
100 Yen from last close of Rs 51.16/18 per 100 Yen. PTI JCG
RKM
