Financial Daily from THE HINDU group of publications
Wednesday, May 31, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 31, 2006 |
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Forex Money & Banking - Forex Re touches new six-month low Our Bureau
Mumbai , May 30 Continuing its downward movement, the rupee on Tuesday touched a new low against the US dollar in six months. Selling by FIIs in equities and a fear of dollar shortage pushed the rupee down for the second day in a row, said dealers. Banks continued to buy dollars on behalf of their clients to meet the month-end requirements. The Indian currency opened a tad higher at 46.07/09 driven by the overall dollar weakness. The rupee then fell to a low of 46.2905 during intra-day session and ended trade at 46.28. This level was last seen in December 2005. The next resistance for the rupee could be at 46.42, said a forex dealer. "The rupee could touch the level of 46.42 in a couple of days. This could be followed by a correction, which could push the rupee up a bit," he said. The stock market witnessed selling pressures by foreign funds on Tuesday. Volatility in stock prices continued and the benchmark BSE Sensex ended the day lower by 66.51 points at 10,786.63.
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