Rupee continues slide, down 25 ps against dollar
The Indian rupee continued its slide against the US currency and was quoted 25 paise cheaper on increased dollar demand from oil refiners.business Updated: Aug 18, 2008 12:13 IST
The Indian rupee continued its slide against the US currency and was quoted 25 paise cheaper at 1100 hrs on Monday on increased dollar demand from oil refiners amid inadequate supplies and steady crude prices.
In active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed sharply lower at 43.29/31 a dollar from its last weekend's close of 43.01/02 a dollar and later was quoted at 43.26/27 a dollar in late morning deals.
Attributing the rupee's continued fall to dollar surge in overseas markets forex dealers said the market regulator sebi's decision to continue with the curbs on the guidelines for participatory notes (P-Notes) caused concerns about more capital outflows from the equity markets.
They said oil refiners too were heavy buyers in dollar with the global crude oil prices ruling around USD 115 a barrel in Asian trade this morning.
Indian stock markets were volatile in morning trade and showed signs of recovery.