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War fears take fresh toll on rupee

MUMBAI MARCH 7. Concerns of an imminent war against Iraq took a fresh toll of the rupee value against the U.S. currency today after banks and corporates rushed to cover short dollar positions in a somewhat nervous interbank foreign exchange market ahead of a crucial report by UN weapons inspectors.

The rupee closed at 47.6450/6550 a dollar, lower from yesterday's finish of 47.6250/6350 after dipping to a low of 47.6850/6950 to cover dollar positions by banks following the tough rhetoric by the U.S. President, George Bush. It opened at 47.62/63. — PTI

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