Financial Daily from THE HINDU group of publications
Tuesday, Feb 26, 2002
Financial Daily from THE HINDU group of publications Tuesday, Feb 26, 2002 |
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Forex Money & Banking - Forex Re hits new low in volatile trade Our Bureau
MUMBAI, Feb. 25 THE rupee closed weak at a new all-time low ending at 48.79/8050 per dollar, around 3 paise lower as compared to Friday's close at 48.7750 in a volatile forex market today. After opening the day with a wide quote at 48.78/80, the currency plunged to all-time low during intra-day at 48.89. "There was all around buying of dollars and demand for the greenbacks was emanating from across the board," said a forex dealer. "All this is speculative play and there is no genuine demand. There was also some bout of panic following the election results," he said.
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