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Rupee falls to near 6-month low as stocks slide

Rupee falls to near 6-month low as stocks slide
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First Published: Fri, Mar 07 2008. 02 10 PM IST
Updated: Fri, Mar 07 2008. 02 10 PM IST
Mumbai: The rupee fell to a near six-month low against the dollar on Friday, mirroring losses in local equities that weakened on renewed fears of a recession in the US, dealers said.
At 1:00 pm, the partially convertible rupee was trading at 40.545/555 per dollar, its weakest since 18 September, according to Reuters data. The rupee ended at 40.30/31 on Wednesday, and the market was closed on Thursday for a holiday.
India’s benchmark share index was trading nearly 5% lower on Friday and Japan’s Nikkei index dropped to a six-week low on concerns about the health of the US economy.
The US dollar slid to a record low against the euro and other major currencies on Friday as worries about the health of the US financial system intensified on reports that a large US mortgage lender might go bankrupt.
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First Published: Fri, Mar 07 2008. 02 10 PM IST
More Topics: Markets | India | Rupee | Asian | Dollar |