Date:31/05/2006 URL: http://www.thehindu.com/2006/05/31/stories/2006053106291500.htm

Business

Rupee plummets

MUMBAI: Reeling under severe pressure, the rupee plummeted to near six-month closing low of 46.28/30 a dollar on Tuesday after banks stepped up their dollar purchases for customary month-end considerations and custodian requirements amid reduced dollar supplies. Nervousness once again gripped the interbank foreign exchange market and eroded another 20 paise due to sustained heavy dollar demand.

Despite a firm opening of 46.05/07 a dollar on the back of a dollar rebound, the rupee tumbled to multi-month low of 46.28/30. — PTI