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Rupee slides to a 7-week low vs dollar

Rupee slides to a 7-week low vs dollar
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First Published: Wed, Jul 08 2009. 09 43 PM IST
Updated: Wed, Jul 08 2009. 09 43 PM IST
Mumbai: The rupee dropped to a seven-week low as stocks slid, spurring concern investors are paring holdings amid dimming outlook for an economic recovery. The currency weakened against the dollar for the second time in three days after commerce and industry minister Anand Sharma said the nation’s exports shrank 29% in June from a year earlier, after a similar decline in May and a record 33% drop in April.
The rupee weakened 0.9% to 48.89 a dollar at close in Mumbai, the lowest level since 15 May.
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First Published: Wed, Jul 08 2009. 09 43 PM IST
More Topics: India | Markets | Rupee | Currency | Dollar |