Rupee hits 17 month low against dollar

MUMBAI: The rupee fell to its lowest in 17 months on Monday, hit by a weak stock market and some lumpy orders in a holiday-thinned market that was also factoring in some recent dollar strength.

The partially convertible rupee ended at 43.59/60 per dollar, recovering slightly from a intraday low of 43.70, its lowest level since March 29, 2007.

The rupee fell 1.33 percent from Thursday's close of 43.01/02, its biggest percentage fall in a year. It has fallen by 3.5 percent in the last five sessions and is down 9.6 percent in 2008. It rose more than 12 percent in 2007.
(Source-Economic times)


The rupee fell by the most in a week as refiners including Indian Oil Corp., the country's biggest, took advantage of a two-day rally to buy dollars at a cheaper rate. Demand for the U.S. currency typically increases at the end of every month when import payments are due. Capital inflows slowed as global funds sold local stocks, further weakening the currency.
(Source-Bloomberg)