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Rupee near 5-week low as local shares plunge

Rupee near 5-week low as local shares plunge
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First Published: Fri, Aug 05 2011. 02 23 PM IST
Updated: Fri, Aug 05 2011. 02 23 PM IST
Mumbai: The rupee was near its weakest level in over five weeks in afternoon trades on Friday as domestic equities stayed deep in the red, tailing the global shares rout, fuelling concerns of outflows.
Weakness in the euro and Asian currencies too dented sentiment for rupee, traders said.
At 11:49am, the partially convertible rupee was at 44.79/80 per dollar, after touching 44.8550, its lowest since 29 June. The rupee had settled 0.5% weaker on Thursday at 44.545/555.
The euro was at $1.4144, down from $1.4246 at end of local forex trade on Thursday and the index of the dollar against six major currencies was down 0.11% to 75.040 points, but still higher from 74.766 points on Thursday.
Markets touched their lowest level since June 2010 on Friday, joining a slide in Asian stocks, as fresh worries that the global economy is slipping back into recession prompted investors to cut positions in risky assets.
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First Published: Fri, Aug 05 2011. 02 23 PM IST
More Topics: Markets | India | Rupee | Currency | Foreign Exchange |