Rupee dips to 49-mark

print   ·   T  T  

MUMBAI: The rupee on Monday plunged to the 49-mark, its lowest closing level in eight years, against the U.S. dollar on fresh dollar demand from banks amid a surge in stock markets in Asia and Europe.

The earlier low level was touched on June 18, 2002, when it closed at 48.99/49 a dollar. Forex dealers said the rupee surged against the dollar in early trade on expectations of capital inflows.

The domestic unit also drew support from a remarkable surge in stocks across Asia and Europe. However, the rupee’s surge was short-lived because banks started buying dollars heavily, suspected to be on behalf of the defence sector.

In volatile trading at the inter-bank foreign exchange market, the Indian unit moved between 48.70 and 49.10 after resuming higher at 48.74/77 against its previous close of 48.88/89. — PTI



Recent Article in BUSINESS

SEBI slaps Rs.86 cr penalty on DLF

The Securities and Exchange Board of India (SEBI), on Thursday, penalised the real estate major, DLF, and other connected entities by lev... »