Rupee weakens against US dollar
The rupee is quoted more than five paise lower against the US currencies at 39.3450/3500 a dollar in morning trade.business Updated: Jan 21, 2008 11:37 IST
The rupee was quoted more than five paise lower against the US currencies at 39.3450/3500 a dollar in morning trade on Monday largely to due sliding equity markets.
Asian stock markets, particularly China, Hong Kong, Japan and India, were down by over 2 per cent during early trade on fears of the US recession.
In dull trade at the Interbank Foreign Exchange (forex) market, the local currency resumed weak at 39.34/36 a dollar from Friday's close of 39.2950/3050 a dollar and later moved in one and half paise range either-way. It was quoted at 39.3450/3500 a dollar in late morning trade.
A fall in the benchmark Sensex by 692 points to 18321.33 in late morning trade weighed on the rupee sentiment, forex dealers said.
The rupee, which resisted the change in the last couple of weeks following heavy capital inflows, came under pressure after Foreign Institutional Investors (FIIs) who pulled out heavily from equity during last week.