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Rupee drops further

MUMBAI SEPT. 17. The rupee lost further ground against the U.S. currency today on sustained hectic dollar demand from corporates and importers, as sentiment turned weak for the rupee after the central bank's measures to discourage arbitrage-driven foreign exchange inflows.

In fairly active trading at the interbank foreign exchange market, the rupee closed at 45.9450/9550 a dollar, yet another 5-1/2 paise decline from yesterday's close of 45.89/90, after dipping to intraday low of 45.96/98. It opened sharply lower at 45.92/94. The rupee tumbled by ten paise on Tuesday, pulled down by heavy all round dollar demand. Recent measures to stem excessive dollar inflows through questionable channels continued to weigh on the rupee after banks, importers and corporates rushed to cover their open dollar positions, anticipating a slowdown in forex inflows, dealers said. Meanwhile, the RBI fixed the reference rate for the U.S. unit at Rs. 45.94 and for the single European currency at Rs. 51.25

PTI

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