Business

Rupee slides further against dollar

MUMBAI MAY 31. The rupee continued to slide against the U.S. currency today, driven down by sustained dollar demand from banks following lingering worries of rising tension in the subcontinent.

In fairly active but nervous trading at the interbank foreign exchange market, the rupee closed at 49.0350/0450 a dollar, yet another 3-1/2 paise decline from the overnight finish of 49.0000/0050. It opened weak at 49.01/02. The rupee had depreciated by 2-1/2 paise yesterday.

Escalating tension on the Indo-Pak border continued to weigh heavily on the rupee, which was partly compounded by residual month-end dollar demand, dealers said. However, fears of central bank intervention in support of the rupee prevented a further steep fall, they added. — PTI

Send this article to Friends by E-Mail

Business

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• Sale of 4 ITDC hotels to fetch Rs. 85 cr.
• Govt-Tatas clash on VSNL decision
• Crossed connection — controversy over VSNL
• Rupee slides further against dollar
• IDBI in talks to sell IDBI Bank stake
• Shekar Swamy gets U.S. University award
• i-flex floor price at Rs. 530
• Equities drift further on BSE
• Kuppuswamy, new KVB chief
• UCO Bank does well
• Stock Market Index
• Exchange rates
• Bullion rates
• L&T-John launches 47hp tractor
• LVB signs MoU with Dabur CGU Life

Copyright © 2002, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu