Date:07/05/2008 URL: http://www.thehindu.com/2008/05/07/stories/2008050755591600.htm

Business

Rupee tumbles

MUMBAI: Beating expectations, the Indian rupee on Tuesday tumbled by 34 paise to eight-month low at 40.94/95 against the greenback as global crude prices hit a new record high, sending oil companies to rush for U.S. currency amidst its short supply.

In brisk trade at the interbank foreign exchange market, the rupee resumed weak at 40.67/68 a dollar from its last close of 40.60/61 and gradually moved downwards to near 41-level during the day.

The rupee had seen this level last on September 4, 2007 when it closed at 40.9750/9850.

The rupee premiums on forward dollar ended further lower on sustained receiving by exporters. — PTI