Rupee drops by another 15 paise vs dollar to 49.87/88 | business | Hindustan Times
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Rupee drops by another 15 paise vs dollar to 49.87/88

business Updated: Feb 24, 2009 19:20 IST
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The Indian rupee today dropped by another fifteen paise to 49.87/88 against the greenback due to distinctly weak equity markets amid concerns over sustained capital outflows.

A firm dollar overseas against its major rivals also weighed on the rupee. The dollar rose to a near three-month high against the yen.

At the Interbank Foreign Exchange (Forex) market, the local unit opened weak at 49.84/85 a dollar from its last close of 49.72/74. Later, it fell further to a low of 49.97 before recovering marginally to settle the day at 49.87/88.

Expectations of dollar sales by exporters and intervention by the apex bank at the rupee's 50-level helped the recovery at the fag end.

The rupee fell for the second straight session due largely to fears of more capital outflows from weak equity markets.

Anticipation of month-end dollar demand from oil refiners with crude oil prices remaining low at USD 38 a barrel in Asian trade on Tuesday also put pressure on the rupee.

Although the Indian benchmark Sensex recovered its early sharp losses, it ended down by over 21 points while most of Asian indices also finished lower between 1.00 per cent and 4.56 per cent on Tuesday.