Date:02/01/2009 URL: http://www.thehindu.com/2009/01/02/stories/2009010260601700.htm

Business

Further drop in rupee

MUMBAI: The rupee depreciated against the dollar for the third straight session on Thursday.

It closed lower by 7-8 paise at 48.76/78 despite a smart rally in domestic equity markets.

According to forex dealers, there was poor attendance and thin trading due to the New Year holidays in overseas markets.

In lacklustre trading at the interbank foreign exchange market, the Indian unit resumed higher at 48.62 against Wednesday’s close of 48.69/70 following firm trends in equity markets.

It moved in a range 48.46-48.85 before finishing at 48.76/78. — PTI