Date:18/12/2007 URL: http://www.thehindu.com/2007/12/18/stories/2007121855761500.htm

Business

Rupee sheds 20 paise

MUMBAI: The rupee on Monday fell by 20 paise to end at 39.54/55 against the U.S. currency largely due to capital outflows from domestic bourses as global equity markets fell.

In a fairly active trade at the interbank foreign exchange market, the local currency moved in a range of 39.32 and 39.55 during the day after resuming weak at 39.37/38 a dollar.

The rupee had closed at 39.34/35 on Friday. The Indian unit gradually moved downwards in line with a sharp fall in stock market, forex dealers said. It showed signs of recovery on some dollar sales during the day, they added.

Initially, the rupee recovered to 39.32 level on dollar selling by exporters after a weak start, but ran out of steam affected by a plunge in share prices. — PTI