Business Daily from THE HINDU group of publications
Tuesday, Nov 18, 2008
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Business Daily from THE HINDU group of publications Tuesday, Nov 18, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Forex Rupee down 40 paise Mumbai, Nov. 17 The rupee depreciated by 40 paise against the dollar on Monday in highly volatile trade with the currency moving in a range of 60 paise in intra-day trade. The currency opened weaker at 49.10/12 but strengthened to touch an intra-day high of 48.80/82. It recovered partially to 49.06/08, where it remained for the major part of trade. However, it fell sharply against the greenback by close to end at 49.38/40, as against the previous close of 48.98. The rupee was supported by the inflow of fresh dollar supplies in the early trading. However, large corporate houses resorted to dollar buying later, causing the sharp decline, said a dealer with a private bank. In the forward market, the 6-month premium closed almost in the same range at 2.1 per cent (2.16) and the 12-month at 1.56 per cent (1.55), the dealer said. - Our Bureau
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