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Rupee loses 11 paise

MUMBAI: The rupee on Friday closed at 40.63/64 against the U.S. currency, cheaper by 11 paise from the previous close largely due to a worldwide meltdown in equity markets, affected by renewed worries about the U.S. subprime mortgage sector.

In volatile activity at the interbank foreign exchange market, the rupee fluctuated in a range of 40.6100 and 40.6950 after resuming sharply lower at 40.67/68 a dollar.

There was some dollar demand from banks as well as oil refiners, forex dealers said. The rupee, which showed signs of a rally on Thursday, came under pressure after the stock market went into a tailspin on worries of a fallout from the U.S. subprime problems, they added. — PTI

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