Rupee at record low

MUMBAI, JAN. 31. The rupee weakened further against the U.S. currency and closed at a new record low of Rs. 43.6300/6350 a dollar, as persistent light month-end dollar demand continued to exert pressure on the Indian unit.

Opening on a weak note at Rs. 43.61/62 a dollar, the Indian unit gradually dipped to an intra-day low of 43.6350/6450 on steady dollar demand from corporates and importers and later ended at 43.6300/6350, a two paise decline from weekend closing levels of 43.6100/6150. The Indian unit has depreciated by around six paise vis-a-vis the greenback in the last two consecutive trading sessions.

Dollar buying by State Bank of India and a few other state-owned banks last Monday, pushed the rupee down to intra-day lows of 43.66/67, straying close to its all-time record low of 43.68/72 it touched on August 19, 1998.

Steady dollar demand from corporates and importers for month-end considerations kept the rupee under pressure with SBI mildly bidding the greenback. SBI buys dollars for large public sector undertakings, mainly offshore oil majors, dealers said.

- PTI

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