Rupee ends marginally lower against dollar
Sunday, 18 November 2007
MUMBAI, Nov 17 (PTI): The rupee yesterday ended marginally lower at 39.32/33 against the US currency after touching a low of 39.40 during early trade due to weakness in global equity markets on fears of more financial and economic uncertainty.
The local currency's bounce from the day's low, however, was attributed to capital inflows.
In active trade at the Interbank Foreign Exchange (forex) market, the Indian unit moved in a range of 39.31 and 39.40 during the day after resuming weak at 39.3350/3450 a dollar from previous close of 39.30/31 a dollar.
A sharp fall in Asian indices as well as in the benchmark Sensex during early trading weighed on the rupee sentiment, forex dealers said.
There was no major intervention in exchange market by the central bank as the rupee remained under pressure due to sluggish stock markets, they added.
Meanwhile, the risk aversion remained the guiding principle in global exchange market with further disclosures of credit and housing problems in US, a dealer with foreign bank commented.
The Reserve Bank of India (RBI), which aggressively intervened yesterday, was believed to be sidelined, watching the rupee-dollar movements.
The local currency's bounce from the day's low, however, was attributed to capital inflows.
In active trade at the Interbank Foreign Exchange (forex) market, the Indian unit moved in a range of 39.31 and 39.40 during the day after resuming weak at 39.3350/3450 a dollar from previous close of 39.30/31 a dollar.
A sharp fall in Asian indices as well as in the benchmark Sensex during early trading weighed on the rupee sentiment, forex dealers said.
There was no major intervention in exchange market by the central bank as the rupee remained under pressure due to sluggish stock markets, they added.
Meanwhile, the risk aversion remained the guiding principle in global exchange market with further disclosures of credit and housing problems in US, a dealer with foreign bank commented.
The Reserve Bank of India (RBI), which aggressively intervened yesterday, was believed to be sidelined, watching the rupee-dollar movements.