Business Daily from THE HINDU group of publications
Thursday, Aug 02, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Aug 02, 2007 ePaper |
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Money & Banking
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Forex Re falls tracking stock markets
Mumbai, Aug. 1
The rupee weakened by eight paise on Wednesday after a strong rally on Tuesday tracking the fall in domestic stock market by 615 points. The home currency closed at 40.45/46, down from the previous close of 40.38. It opened at 40.45/46 and after seeing an intra-day low of 40.55, closed at 40.45/46, unchanged from its opening levels. Forex dealers feel that the movement of rupee will depend to a large extent on the stock market. “If the stock market sees some correcti on tomorrow, then the rupee may weaken to 40.60 levels but if it does not, then there are chances of rupee appreciating to 40.35,” said a dealer with a private bank. In forwards, the six-month premia closed at 1.89 per cent (1.64 per cent) while the 12-month closed at 1.84 per cent (1.67 per cent). — Our Bureau
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