Date:13/12/2007 URL: http://www.thehindu.com/2007/12/13/stories/2007121357401800.htm

Business

Rupee ends lower against $

MUMBAI: The rupee on Wednesday ended lower at 39.3750/3850 against the dollar amid expectations of central bank intervention in the forex market and weak Asian stock indices.

A banker said dealers were disappointed over U.S. Federal Reserve’s quarter point rate cut, instead of 50 basis points.

In a lacklustre activity at the interbank foreign exchange market, the rupee opened sharply lower at 39.41/42 a dollar against Tuesday’s close of 39.35/36. It later touched a high of 39.43 before falling back to a low of 39.35 on strong recovery in equity markets.

The domestic unit finally ended at 39.3750/3850. — PTI