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Rupee hits 1-month low on choppy euro, importer demand

Rupee hits 1-month low on choppy euro, importer demand
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First Published: Thu, Oct 20 2011. 05 16 PM IST

Updated: Thu, Oct 20 2011. 05 16 PM IST
Mumbai: The rupee fell to its weakest level in nearly one month on Thursday, hit by weakness in domestic equities and a choppy euro, and as strong dollar demand from importers weighed.
At 4:53pm, the partially convertible rupee was at 49.79/80 per dollar, after hitting 49.81, its lowest since 23 September, and 1.3% weaker from its Wednesday’s close of 49.15/16.
At 2:18pm, the partially convertible rupee was at 49.59/60 per dollar, after touching a low of 49.7850, weakest since Sept. 26, and 0.9 percent weaker from Wednesday’s close of 49.15/16.
Doubts about the euro zone’s ability to come up with a comprehensive plan to solve its debt crisis hammered equity markets and hit the euro on Thursday, underlying investor impatience with political wrangling.
The euro was trading at $1.3747, up from the day’s low of $1.3674, but lower compared with $1.3840 at end of rupee trade on Wednesday.
The index of the dollar against six major currencies was at 77.129 points, sharply above 76.705 points on Wednesday.
The local benchmark share index was down 1.3% after falling to nearly 2% earlier.
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First Published: Thu, Oct 20 2011. 05 16 PM IST
More Topics: Markets | Rupee | Currency | Asia | BSE |