COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Quiet trading, Kargil tension, corporates' $-demand erode seven paise off rupee; Rs 43.33 vs $

The Indian unit weakened further around seven paise against the American dollar, as rupee's downtrend prevailed on the fourth consecutive day at the quiet interbank foreign exchange market today.

The rupee opened lower at Rs 43.29/32 and touched an intra-day's low level of Rs 43.3375 in the morning due to the Indo-Pak border tension and the dollar buying spree from local corporates.

The major commercial bank, State Bank of India also quoted dollars at noon. The rupee closed at Rs 43.32/3250, showing a net loss of seven paise against the previous close of Rs 43.25/27. Last four day's the Indian currency slid by 18 paise.

A leading dealer said that in the morning, the market witnessed moderate activities but after mid-session, the market was quiet. Major corporates covered their requirement in the morning.

However, forward premium opened marginally higher and closed easy. The six month annualised premiums closed higher at 5.30 (5.11) per cent while the yearly annualised ended stable at 6.10 per cent.

The rupee declined against the pound sterling, Japanese yen and euro. Pound sterling finished at Rs 68.44 (68.36), Japanese yen at Rs 35.51 (35.41) and euro Rs 44.81 (Rs 44.62).

UNI

Business news