BUSINESS

Rupee continues to slide

MUMBAI: Sustained light corporate dollar demand amid a robust dollar overseas on Friday drove the rupee to new one week closing low of 43.58/59 a dollar even as the outlook for the currency remains uncertain due to a fresh rise in global crude oil prices.

In generally thin and listless trading at the interbank foreign exchange market, the rupee dropped by another 1-1/2 paise from yesterday's close of 43.5650/5750 following a weak start at 43.5875/5925. The rupee has declined by over six paise in three straight sessions and was now a whisker away from 43.5925/6000 struck on August 11.Oil firms have been buying dollars recently to meet high crude prices, currently at $64.25/30 a barrel. The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 43.58 and for the single European unit at Rs. 53.01. — PTI

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