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Rupee weakens tracking share drop

Rupee weakens tracking share drop
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First Published: Wed, Jul 22 2009. 01 19 PM IST
Updated: Wed, Jul 22 2009. 01 19 PM IST
Mumbai: The Indian rupee weakened in afternoon trade on Wednesday following losses in the domestic sharemarket and also weighed down by the dollar’s gains versus major units overseas.
At 1:15pm, the partially convertible rupee was at Rs48.57/58 per dollar, off an early high of 48.28 and weaker than Tuesday’s close of Rs48.42/43.
Indian shares erased gains of as much as 2% and were trading down 1.1% as a weak start for European markets soured sentiment.
The dollar index, a gauge of the US unit’s performance versus six majors, was up 0.1%.
Foreigners have bought a net $1.4 billion worth of local stocks so far in July, taking net purchases in 2009 to almost $6.4 billion and helping the rupee pull back from a record low of 52.2 in early March.
In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at Rs48.5675, with the total traded volume on the two exchanges at about $786 million.
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First Published: Wed, Jul 22 2009. 01 19 PM IST
More Topics: Markets | India | Rupee | Dollar | Stocks |