Date:26/08/2006 URL: http://www.thehindu.com/2006/08/26/stories/2006082607471500.htm

Business

Rupee drops further

MUMBAI: The rupee on Friday continued its downward journey against the U.S. dollar due to increased dollar buying by banks for oil PSUs and a higher dollar against euro.

In lacklustre trading at the interbank foreign exchange market, the rupee started with overnight weakness at 46.55/57 a dollar against Thursday's close of 46.53/54. Later, it moved between 46.5500 and 46.6100, before concluding at 46.55/56, lower than the previous close.

Higher global crude oil prices forced banks to buy dollar for public sector oil companies, which have to pay hefty amount for importing crude. — PTI