Rupee slips on uncertain stock outlook

Rupee slips on uncertain stock outlook
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First Published: Fri, Mar 14 2008. 10 08 AM IST
Updated: Fri, Mar 14 2008. 10 08 AM IST
Mumbai: The rupee slipped sharply in early deals on Friday as oil companies bought dollars and on uncertainty about the stock market, which dropped to a six-month low in the previous session, persisted.
At 9:28 am, the partially convertible rupee was trading at 40.56/57 per dollar, weaker than Thursday’s close of 40.425/435.
India’s benchmark stock index fell 4.8% on Thursday to its lowest close in more than six months, as worries persisted that the US economic slowdown might spread to Asia.
Oil was trading above $109.50 per barrel, after hitting a record of $111 on Thursday.
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First Published: Fri, Mar 14 2008. 10 08 AM IST
More Topics: Markets | India | Rupee | Dollar | Oil |