Date:24/10/2008 URL: http://www.thehindu.com/2008/10/24/stories/2008102455971600.htm

Business

Rupee sheds 51 paise

MUMBAI: Closing in on the all-important 50-level against the dollar, the rupee ended at a new low of 49.81/82 on heavy dollar buying amid easing of norms on overseas borrowing and slide in stock markets. It closed at 49.31 on Wednesday. Foreign exchange dealers said the rupee remained under tremendous pressure on growing fears that the bearish stock markets will lead to increased capital outflows from equity.

After resuming weak at 49.68/70 a dollar, the rupee moved between 49.63 and 49.86 on alternate bouts of buying and selling. — PTI