The Hindu Business Line : Rupee breaches 43-level

The rupee crossed the resistance level of 43 against the US dollar on Monday and closed about 15 paise lower than the earlier close. The currency opened weak at 42.90/92 and stayed at 42.95/97 for most of the day. As the Sensex weakened by 350 points, the rupee broke the resistance level of 43 and touched 43.12/ 13, which was the day's low. It closed at 43.03/04, against the previous close of 42.67/68.

According to forex dealers, the dollar outflow from the domestic stock market and the crude oil prices which crossed $143 were the main reasons for the rupee's fall. According to Mr V Rajagopal, Chief Dealer-Forex, Kotak Mahindra Bank, said that the rising global oil prices and the negative stock market were putting pressure on the rupee. "The rupee doesn't seem to be in a hurry to improve," he said. The rupee had last crossed 43 on May 22, when it touched 43.18. The forward premia remained high, with the six-month closing at 4.93 per cent (4.57 per cent) and the 12-month at 4.16 (3.82 per cent).- Our Bureau

More Stories on : Forex

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
SBI list of loan waiver beneficiaries completed

Indian Bank waives Rs 551 cr

Waiver certificates handed over

Implications for monetary policy

Foreign investment pumped up reserves

Rupee breaches 43-level

What’s in a name?

ICICI Prudential’s ‘Web chat’

Oil price impact widens current account deficit

YES Bank raises Rs 364 cr

Farm loan waiver bill for banks may be lower

PNB opens branch at Mannarkkad

More banks hike lending, deposit rates

Bond prices drop 70 paise

Call rates tad lower