Rupee Stays Close To 32-month Low; Weak Shares Hurt

15 November, 2011

The rupee continued to trade close to its lowest level in nearly 32 months on Tuesday afternoon weighed by over 1 per cent losses in domestic shares, a sharp fall in the euro and dollar demand from oil importers.

* Traders said the rupee could test the 51 per dollar mark during the day if the euro and shares decline further.

* At 2:45 p.m., the partially convertible rupee was at 50.67/68 per dollar, after hitting 50.71 in early trade, its weakest since March 31, 2009. It had closed down 0.3 per cent at 50.285/295 on Monday.

* Indian shares were trading down 1.2 per cent, as worries about weak corporate earnings and high inflation weighed.

* The euro fell on Tuesday, coming close to recent lows versus the dollar and hitting a one-month low against the yen as rises in Italian and Spanish bond yields underscored the difficulties facing policymakers in containing the region’s debt crisis.

* Traders said dollar demand from oil importers was also weighed while exporters stayed out on hopes the rupee would depreciate further and provide better opportunities to sell.

 


Leave Your Comment
Rupee At 30-month Low On Dollar Buying; Europe Weighs

Rupee At 30-month Low On Dollar Buying; Europe Weighs

Reuters 6 years ago
The rupee dived to a 30-month low on Friday dragged by strong dollar demand from importers and caution rippling across equities and the euro on...
Rupee Vulnerable After Hitting Record Low

Rupee Vulnerable After Hitting Record Low

Reuters 6 years ago
The rupee fell to an all-time low on Tuesday as oil refiners and other companies scrambled to buy dollars, with the currency looking increasingly vulnerable...
Rupee ends at 21-month low of 64.26 against US dollar

Rupee ends at 21-month low of 64.26 against US dollar

PTI 2 years ago
Declining for the fourth straight day, the rupee slipped by 10 paise to close at 21-month low of 64.26 on sustained dollar demand from banks...
No Comments

Rupee Stays Close To 32-month Low; Weak Shares Hurt

Powered by WordPress.com VIP