Rupee recoups 12 paise Vs dollar in choppy trade
Sunday, 14 December 2008
MUMBAI, Dec 13 (PTI): Snapping two-day gaining streak, the Indian rupee ended down by 12 paise at 48.45/46 against the American currency Friday though it recouped a major part of its initial losses.
In last two days the rupee was appreciated by 125 paise or 2.52 per cent.
In uneven movements on the Interbank Foreign Exchange (Forex) market, the domestic unit resumed lower at 48.60/62 a dollar from overnight close of 48.33/34 and dropped further to 49.00 in afternoon trade following early weakness in equities.
The Indian benchmark Sensex was down by nearly 364 points in afternoon deals, weighing down on the rupee sentiment.
Asian indices closed in the red Friday while European markets resumed sharply lower as US Senate rejected a rescue package for automakers.
However, sustained buying by foreign funds helped smart rebound in share values in the concluding session and the index ended up by 45 points, helping the rupee recovery to some extent.
Sustained dollar selling by Indian as well as Foreign banks also boosted the rupee sentiment at the fag end.
Foreign Institutional Investors (FIIs) remained net buyers and they picked shares worth USD 565.50 million since December 4, supporting the rupee to some extent.
Meanwhile, global crude oil prices remained low near USD 45 a barrel in Asian trade Friday
In last two days the rupee was appreciated by 125 paise or 2.52 per cent.
In uneven movements on the Interbank Foreign Exchange (Forex) market, the domestic unit resumed lower at 48.60/62 a dollar from overnight close of 48.33/34 and dropped further to 49.00 in afternoon trade following early weakness in equities.
The Indian benchmark Sensex was down by nearly 364 points in afternoon deals, weighing down on the rupee sentiment.
Asian indices closed in the red Friday while European markets resumed sharply lower as US Senate rejected a rescue package for automakers.
However, sustained buying by foreign funds helped smart rebound in share values in the concluding session and the index ended up by 45 points, helping the rupee recovery to some extent.
Sustained dollar selling by Indian as well as Foreign banks also boosted the rupee sentiment at the fag end.
Foreign Institutional Investors (FIIs) remained net buyers and they picked shares worth USD 565.50 million since December 4, supporting the rupee to some extent.
Meanwhile, global crude oil prices remained low near USD 45 a barrel in Asian trade Friday