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Rupee slumps on Gulf war fears

MUMBAI SEPT. 6. The rupee virtually slumped against the U.S. currency today on fresh wave of heavy all round dollar short-covering by banks following concerns over a surge in global oil prices after American and British warplanes attacked Iraqi air defences.

In volatile trading at the interbank foreign exchange market, the rupee closed at 48.58/59 a dollar, a whopping over ten paise decline from the previous closing of 48.4800/4850. It opened weak at 48.48/50.

The RBI fixed the reference rate for the U.S. currency at Rs. 48.53.

PTI

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