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Sharp fall in rupee

MUMBAI OCT. 28. The rupee fell sharply by five-and-half paise against the dollar to end at six-week closing low of 48.42/43 on sustained dollar demand by banks and corporates at the interbank foreign exchange market today. Apart from the persistent month-end dollar covering, heavy dollar buying by few custodian banks on behalf of foreign funds who were net sellers and squaring up of dollar positions by banks ahead of the monetary policy announcement, also fuelled the rupee's downtrend, dealers said. — UNI

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