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Wednesday, Sep 10, 2008
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 Money & Banking - Forex
Rupee touches two-year low


Mumbai, Sept. 9

The rupee closed lower after touching levels not seen in last two years due to lack of dollar inflows coupled with strong dollar demand. The rupee opened at 44.70 and touched a low of 44.90, a level last seen two years ago. The rupee ended trade at 44.84, against the previous close of 44.60.

“Dollar inflows are down, but there is still strong dollar demand from oil companies. This is putting pressure on the rupee, despite the positive factors such as lower oil prices and lower inflation,” said a forex dealer. In the forward premia market, the six-month closed at 3.02 per cent (2.88 per cent) and the 12-month ended at 2.65 per cent (2.6 per cent).

— Our Bureau

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