Rupee moves downward by 25 paise Vs dollar

Mumbai, Sep 14 (PTI) The Indian rupee Monday lost a hefty
25 paisa to close at 48.73/74 against the US currency amid
weakness in equity markets and strong dollar overseas.

Dealers in foreign exchange attributed the fall in the
rupee to decline in local equity markets where the benchmark
Sensex cut its six-session long gaining string with a fall of
50.11 points.

Dollar was strong against its major rivals in overseas
markets as investors turned their attention to dollar rather
than investing in already stretched stocks and precious
metals.

The rupee also came under pressure in anticipation of
dollar demand from oil refiners after global crude oil prices
tumbled by more than a dollar towards USD 68 a barrel in Asian
trade.

In lacklustre trading at the Interbank Foreign Exchange
(Forex) market, the domestic unit resumed lower at 48.62/63 a
dollar from its last weekend's close of 48.48/49 per dollar.

Later it continued to rule weak in line with the stock
markets and touched a low of 48.80 before concluding the day
at 48.73/74 per dollar.

Barring China, other Asian indices also ended in the red,
partly affecting the rupee sentiment. (MORE) PTI VMP
DDC


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