Date:27/08/2008 URL: http://www.thehindu.com/2008/08/27/stories/2008082756091700.htm

Business

Rupee nearing 44-mark

MUMBAI: The Indian rupee is within a striking distance of the psychological 44-mark against the dollar as it lost seven paise to end at 43.85/86 on Tuesday on heavy demand for the dollar.

The rupee closed at 43.78/79 on Monday During intra-day, the local unit even plunged to 17-month low of 44.16 after resuming sharply lower at 43.98/99.

Foreign exchange dealers said strong month-end demand for dollar from oil companies pushed down the rupee. Dealers said oil companies were sustained dollar buyers but exporters also sold the dollar after the rupee touched its lowest level in more than 17 months, providing the necessary supplies. — PTI