Rupee hits 1-1/2 mth low; at 49.18 a dollar
Mumbai: The Indian rupee Wednesday fell by another 15 paise to hit one-and-a-half month low of 49.18 against the US currency in early trade, extending its slide for the third straight day, on expectation of heavy capital outflows and increased dollar demand from importers.
Dollar`s gain against other currencies also put pressure
on the Indian rupee.
At the Interbank Foreign Exchange (Forex) market, the
domestic unit declined by 15 paise to 49.18 a dollar, weakest
since July 13. Yesterday, the rupee ended 21 paise lower at
49.03/04 against the US currency.
Forex dealers said rupee remained weak on anticipation of
more capital outflows as the stock markets may extend losses
in line with other Asian bourses, which are down up to 2.8 per
cent in morning trade.
Besides, huge dollar demand from importers, particularly
refiners, led to the downward movement in rupee.
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