Rupee weakens against dollar in early trade
The dollar's increased strength against its major rivals in global markets also weakened the rupee.india Updated: May 25, 2006 12:26 IST
The rupee value came down sharply with the currency opening weaker against the US dollar following fairly good month-end dollar demand as well as a fresh slide on the bourses on Thursday morning.
The dollar's increased strength against its major rivals in global markets also weakened the rupee.
In active trade at the Interbank Foreign Exchange (Forex) market here, Indian unit opened sharply lower at Rs 45.92/95 per dollar from Wednesday's close of Rs 45.7450/7550 a dollar but showed mild resistance at Rs 45.88/89 during late morning dealings as equity market recovered partially.
Attributing the rupee's weakness to firm dollar in global markets, forex dealers said a fresh fall by 298 points on the bourses on Thursday morning had adverse impact on Indian currency.
There was fairly good month-end dollar demand, exerting pressure on the rupee, they added.