Rupee drops tracking shares; budget watched

Rupee drops tracking shares; budget watched
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First Published: Mon, Jul 06 2009. 11 31 AM IST
Updated: Mon, Jul 06 2009. 11 31 AM IST
Mumbai: The Indian rupee dropped to one-week lows in mid-day trade on Monday tracking the domestic sharemarket, which fell 1% after having risen 1.2% earlier.
Traders were closely watching the annual budget speech which began at 11am and said the additional spending announced by the finance minister without providing any clarity on fiscal consolidation was a key reason for the drop in shares.
At 11:40am the partially convertible rupee was at 48.21/22 per dollar, its weakest since 29 June and below its Friday’s close of 47.89/91.
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First Published: Mon, Jul 06 2009. 11 31 AM IST
More Topics: Markets | India | Rupee | Currency | Dollar |