Date:12/05/2006 URL: http://www.thehindu.com/2006/05/12/stories/2006051206501700.htm

Business

Rupee tumbles against $

CHENNAI: Breaching the 45 a dollar barrier, the rupee on Thursday tumbled by 15-1/2 paise to close at 45.0850/0950 on the interbank foreign exchange market, pulled down by hectic dollar demand from oil corporates and importers amid rising crude oil prices.

Nervousness gripped the forex spot trading from the onset of business after the rupee opened distinctly weak at 44.9850/45.0050, steeply lower from Wednesday's close of 44.9325/9400. The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 45.07 and for the single European unit at Rs. 57.45. — PTI