Rupee opens extremely weak against dollar
The rupee, however, recovered from the initial lows of 45.70 but was still down by about 13 paise.india Updated: May 24, 2006 11:24 IST
The Rupee on Wednesday opened extremely weak against the US currency, largely due to stronger dollar in the global markets.
The rupee, however, recovered from the initial lows of 45.70 but was still down by about 13 paise during late morning dealings as activity remained at low ebb in anticipation of a rate hike by the Federal Reserves.
In quiet trade at the Interbank Foreign Exchange (forex) market, the Indian unit opened weak at Rs 45.65/66 per dollar and later fell to a low of Rs 45.70 before recovering to Rs 45.67/68 a dollar in late morning trading.
Attributing a modest recovery from early lows to a bounce in equity markets, forex dealers said stronger dollar in world markets and any major buying or selling in dollar kept the rupee under pressure.
First Published: May 24, 2006 11:24 IST