Rupee falls by 14 paise to 48.71/72 | business | Hindustan Times
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Rupee falls by 14 paise to 48.71/72

business Updated: Feb 10, 2009 11:38 IST

The Indian rupee fell back by 14 paise to 48.71/72 against the greenback in late morning deals due to firm dollar and expectations of passing of $ 829 billion economic recovery package in the US Senate on Tuesday.

At the Interbank Foreign Exchange (Forex) market, the local currency resumed lower at 48.68/69 per dollar from last close of 48.57/58 and moved further downwards to quote at 48.71/72 in late morning deals, snapping a three-day winning string.

It moved in a range of 48.65 and 48.79 a dollar.

The dollar was up against its major rivals in the Asian trade on Tuesday in anticipation of passage of the stimulus package by the US Senate on Tuesday.

The Indian benchmark Sensex maintained its upward rally and rose by over 70 points in morning trade on Tuesday.

However, Asian indices were quoting narrowly mixed in late morning trade on the back of nearly flat closing on the Wall Street on Monday.

Meanwhile, global crude oil prices were quoting below $ 40 a barrel in Asian trade on Tuesday.