Rupee ends at new low

MUMBAI, OCT. 5. The rupee ended at a new low against the U.S. currency today at 48.01/02 a dollar, another two paise decline from Thursday's finish of 47.99/48.00, driven down by steady dollar demand from banks on renewed concerns of global political developments.

The rupee had declined by a whopping eight paise yesterday and had earlier logged a record low close of 47.99/48.02 on September 19. It had plunged to historic low of 48.44/48 in intra-day deals on September 17 following heightened tensions after the September 11 terrorist attacks on America.

Business activity was generally quiet but cautiously nervous at the inter-bank foreign exchange market owing to the prevailing concerns of global political uncertainties, a potential fallout of the September 11 terrorist attacks.

Although light dollar demand continued to pressurise the rupee on lingering worries about the impact of an expected U.S. retaliatory strike against Afghanistan, the forex spot trading remained calm, devoid of any excessive volatility and speculation, dealers said.

- PTI

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