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Rupee cheaper by 4 paise against dollar at 42.9650/9750
June, 19th 2008

The rupee is short of the crucial 43 level by four paise as the local currency lost eight paise at 42.9650/9750 against the greenback today amid a fall in stock market for the second day in a row and tight dollar supply.

Forex dealers said US dollar evoked from demand foreign banks as there is a wide anticipation of us the unit rising in the near future.

At the Interbank Foreign Exchange (forex) market, the local currency resumed lower at Rs 42.92/94 and moved in a range of 42.92 and 42.98 during the day before concluding at 42.9650/9750 per dollar against yesterday's closing level of 42.88/89 per dollar.

Forex dealers said there was some activity at the exchange market during the day on negative cues from global markets and uncertainty on the political front.

Indian benchmark Sensex today fell by another 334 points, or 2.17 per cent, and Asian indices were down by 1.88 per cent to 6.54 per cent.

Traders said there was no supporting factor for rupee as capital outflows continued to increase on day to day basis due largely to a slowdown in the US economy.

As per the provisional data, foreign funds sold shares worth Rs 435 crores yesterday.

Dollar supplies were tight as exporters remained sidelined amid sustained capital outflows from the country.

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