BackRupee weakens to five-and-a-half month low
Rupee weakens to five-and-a-half month low
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Afternoon update
Mumbai: The Indian rupee fell to its weakest in about five-and-a-half months on Monday, 3 March, on concerns that the fall in Asian stock markets would see foreign funds sell local equity investments and repatriate the funds.
At 12:20pm, the rupee traded at 40.295/305 per dollar, the lowest since 19 September, 2007, according to Reuters data. It ended at 40.01/02 on Friday.
Morning
Mumbai: The rupee fell to its lowest in eight days on Monday on concerns that sharp falls in Asian stock markets may force foreigners to trim their local holdings.
At 9:14 am, the partially convertible rupee was at 40.20/21 per dollar, weaker than Friday’s close of 40.01/02.
The dollar fell to a record low against a basket of currencies on Monday, dragging Asian stock markets down and compounding worries about a likely US recession and more write-downs in the global financial sector.
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