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Our Bureau

Mumbai, Nov. 19 The rupee again crossed the psychologically important level of 50, pulled down by negative sentiments in the equities market and on NDF (non-deliverable forward) arbitrage.

Three weeks ago, the rupee had breached the 50-level but had gradually recovered in the subsequent days.

The spot rupee was range-bound for major part of the day.

It weakened in the last hour of trade, tracking the Sensex, which lost 163 points towards close, said a forex dealer with a public sector bank.

The domestic currency opened at 49.72/75 and touched a low of 50.03. It closed at 50.01/02, against the previous close of 49.67/68. For the major part of the day, the rupee traded between 49.70 and 49.75.

On October 27, the rupee had touched an all-time low when it dropped to 50.29 in intra-day trade.

The rupee depreciated on Wednesday because banks bought dollars in the spot market to take advantage of the difference in the dollar value in the overseas NDF market, said a dealer with a private bank.

The one-month NDF is quoting at 50.85/95, which is much higher than the spot value.

The rupee may open at around 50.20-25 tomorrow as Dow futures are down, said dealers. It is likely to remain in the range of 50.10-50.15.

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