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Rupee off early lows on RBI move
June, 11th 2008

 MUMBAI: Rupee bounced off early lows on Tuesday after the central bank was seen selling dollars and as the stock market bounced off early lows.

At 3:19 pm, the partially convertible rupee was at 42.93/94 per dollar, above intraday lows of 42.9725 to a dollar.

It closed at 42.87/88 on Monday. It hit a 13- month low of 43.21 in late May. Foreigners have dumped $4.7 billion of Indian stocks this year, pushing the rupee lower by 8 per cent.

Last year, the rupee rose more than 12 per cent, driven by $17.4 billion of capital inflows into the record-breaking stock market.

The central bank was seen selling dollars around 42.92 per dollar on Tuesday after the currency weakened in early deals on concerns foreigners may pull out more from local stocks amid growing risk aversion.

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