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Rupee tumbles further against dollar

Rupee continued its downslide on Monday losing another 14 paise at Rs 45.70/71 per dollar in nervous early trade.

india Updated: May 22, 2006 12:19 IST

Rupee continued its downslide on Monday losing another 14 paise at Rs 45.70/71 per dollar in nervous early trade at the Interbank Foreign Exchange market, weighed down by a weak dollar overseas, a pull out by FIIs and meltdown at the stock market.

With Monday's decline, the Rupee has depreciated by nearly 51 paise since last Thursday, as nervousness continued to grip the forex spot trade, dealers said.

Opening distinctly weak at Rs 45.62/64 per dollar, the Rupee slipped to Rs 45.70/71 per dollar in late morning deal, sharply lower from last Friday's close of Rs 45.56/57.

Sustained dollar demand amid strained supplies from FIIs continued to keep the Rupee under severe pressure, adversely affected by the persistent meltdown at the local stock markets, a forex dealer said.

Foreign Institutional Investors (FIIs) pulled out a massive $180.30 million from equity markets on May 18, the day when the BSE Sensex plunged by 826 points on frantic selling. FIIs withdrew a total of $555.30 million in the first four trading days of the week.

The BSE Sensex on Monday plunged by over 150 points to 10,776.80 within 15 minutes of resumption of trade due to continuous selling.

Meanwhile, world crude oil prices were hovering around $68.27 a barrel in early Asian trade on Monday to easing supply concerns.

Turning to cross currency trade the Euro was quoted at Rs 58.21/23, Pound Sterling at Rs 85.54/56 and a Japanese Yen (100) at RS 40.76/79.