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Mumbai, Oct. 24

The rupee crossed the psychologically important mark of 50 against the dollar in intra-day trade in an extremely volatile market. The domestic currency fell by 14 paise against the greenback after the Reserve Bank intervention ensured that the rupee closed below the 50 level. The domestic currency opened at 50.15, which was also its day’s low. It closed at 49.95/97, against the previous close of 49.81/82. With FIIs pulling out money from the domestic stock markets, t here is huge demand for the dollar, said Mr Dilip Raghuwanshi, Forex Advisor, Asit C Mehta Pvt Ltd. There is also huge dollar demand from oil companies and other importers, Mr Raghuwanshi said. Besides, the dollar is also strengthening overseas against other major currencies except the yen, he said. The rupee could touch 51 in the short term, he said.

— Our Bureau

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