Business Daily from THE HINDU group of publications
Tuesday, Mar 04, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 04, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee weaker by 36 paise Mumbai, March 3 The rupee weakened by 36 paise against the greenback on Monday tracking the weakness in the domestic stock market and dollar demand from nationalised and foreign banks. The home currency opened at 40.15/17 and closed at 40.38, lower than the previous close of 40.02. The benchmark BSE Sensex fell by 900 points and the banking stocks were down by 672 points due to uncertainty over the news of waiver of agri loans“There was a lot of dollar demand from both foreign and nationalised banks; this weakened the rupee. The exporters who were seen selling at the slightest weakening of rupee earlier were also not there in the market; therefore the rupee depreciated even further,” said a dealer at a private bank. There is a cash-dollar shortage in the spot market and a huge mismatch between the demand for dollars and its supply, said dealers. In forwards, the six-month forward dollar is at a discount of 0.42 per cent (0.22 per cent) and the 12-month premia ended at 0.11 per cent (0.48 per cent) – Our Bureau More Stories on : Forex
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