The Hindu Business Line : Rupee sheds 70 paise

Mumbai, Dec. 23 The rupee depreciated for the third consecutive trading session against the dollar, falling by 70 paise against the greenback on Tuesday. The rupee came close to breaching the 49-mark against the dollar in day trade.

The domestic currency opened at 48.22 and continued its one-way movement to touch the intra-day low of 48.95. It recovered marginally to close at 48.73/76, against the previous close of 48.01/03. Foreign banks bought dollars in the domestic spot market and sold them in the unofficial non-deliverable forward market to make arbitrage profits, said a dealer with a private bank. This exerted pressure on the rupee, the dealer said. The weakness in the domestic equity markets also affected sentiments in markets, said dealers. In the overseas markets, the dollar weakened against other major currencies.

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