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Sharp fall in rupee

MUMBAI MAY 28. The rupee declined sharply against the U.S. dollar today on renewed heavy month-end dollar demand from corporates and importers in fairly hectic trading at the interbank foreign exchange market.

Usual month-end pressures drove the rupee to end at 46.9850/9950 a dollar, eight and a half paise lower against yesterday's close of 46.90/91. It dipped to a low of 47 even as the dollar rebounded partly in overseas trading vis-a-vis the euro, dealers said. The euro made a correction after rising to a lifetime high of $1.1934 on Tuesday, sliding to around $1.1777 mid-day in Europe.

A spillover of overnight dollar short-covering by banks for the normal month-end considerations sent the rupee sliding down to 46.94/95 in late morning trading. — PTI

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