Rupee down by five paise to 48.92/93 vs US dollar | business | Hindustan Times
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Rupee down by five paise to 48.92/93 vs US dollar

business Updated: Feb 03, 2009 08:26 IST

The Indian rupee was down by five paise to settle the day at 48.92/93 against the US currency following weakness in equity markets amid sustained capital outflows.

A firm dollar overseas against its major rivals also kept pressure on the rupee.

In fairly active trade at the Interbank Foreign Exchange (Forex) market, the local unit resumed sharply lower at 49.00/01 from the previous close of 48.87/88 and touched a low of 49.20 a dollar.

Forex dealers said that the rupee's fall was in line with the sluggishness in equity markets and sustained selling by foreign institutional investors (FIIs).

FIIs in Indian equity markets sold shares worth over $one billion in the current calendar year so far.

However, it recouped at the fag end on some dollar demand from banks to a high of 48.90 before ending at 48.92/93, still lower from the last close.

The Indian benchmark Sensex today settled down by 357.54 points or 3.79 per cent.

Asian indices finished the day steady to weak on the back of a steep fall on Wall Street last Friday on concerns over the US economy going deeper into crisis.

Meanwhile, the global crude oil prices were trading near $42 a barrel in Asian trade on Monday.

The Reserve Bank of India, however, fixed the reference rate for the US dollar at Rs 49.01 and for the euro at Rs 62.38.