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Forex »
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Rupee down 15 paise against dollar
September, 02nd 2009

The Indian rupee on Wednesday fell by another 15 paise to hit one-and-a-half month low of 49.18 against the US currency in early trade, extending its slide for the third straight day, on expectation of heavy capital outflows and increased dollar demand from importers.

Dollar's gain against other currencies also put pressure on the Indian rupee.

At the Interbank Foreign Exchange (Forex) market, the domestic unit declined by 15 paise to 49.18 a dollar, weakest since July 13. On Tuesday, the rupee ended 21 paise lower at 49.03/04 against the US currency.

Forex dealers said rupee remained weak on anticipation of more capital outflows as the stock markets may extend losses in line with other Asian bourses, which are down up to 2.8% in morning trade.

Besides, huge dollar demand from importers, particularly refiners, led to the downward movement in rupee.

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