Rupee weakens slightly on global stocks outlook

Rupee weakens slightly on global stocks outlook
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First Published: Fri, Sep 26 2008. 09 31 AM IST
Updated: Fri, Sep 26 2008. 09 31 AM IST
Mumbai: The Indian rupee weakened a little on Friday, on expectations that foreign funds could pull out of local stocks following bearishness in Asian stocks as uncertainty shrouded a $700 billion US bailout plan.
Asian stocks and the US dollar fell while Treasuries rose on Friday after a $700 billion plan meant to save the financial system stalled and Washington Mutual Inc collapsed in the biggest ever US bank failure.
Foreign funds have sold a net of about $1.8 billion so far in September, taking the total outflow in 2008 to $9.1 billion.
At 9:05 am, the rupee was at Rs46.21/23 per dollar, slightly lower from Thursday’s close of Rs46.20/22.
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First Published: Fri, Sep 26 2008. 09 31 AM IST