Rupee dips by 16paise as equity markets fall

Rupee dips by 16paise as equity markets fall
PTI
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First Published: Thu, Feb 12 2009. 07 03 PM IST
Updated: Thu, Feb 12 2009. 07 03 PM IST
Mumbai: The rupee slipped by 16paise against the dollar as the stock markets plunged on Thursday.
In a sluggish trend at the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at Rs48.75/76 a dollar as against Wednesday’s close of Rs48.68/70.
During the day it moved in a range of Rs48.69 and Rs48.85 before closing at Rs48.84/85 a dollar.
The BSE benchmark Sensex ended lower by nearly 153 points or 1.59% on weak industrial production data amid fall in Asian as well as European markets on Thursday.
Asian indices ended lower by 0.53 to 3.03% while European markets opened bearish.
Although Wall Street gained on Wednesday after lawmakers reached a compromise deal on a stimulus package to support the weak economy, doubts over the efficacy of the rescue plan weighed on the Asian bourses.
For the first nine months of the this fiscal year, the index of industrial production (IIP) growth was quoted at 3.2% in December against 9% a year ago, belying all projections and the optimism following the two packages.
The dollar was relatively stable against its major currencies a day after the new US stimulus plan failed to enthuse market sentiment.
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First Published: Thu, Feb 12 2009. 07 03 PM IST