Rupee down further on euro’s slide, local shares

Rupee down further on euro’s slide, local shares

Mumbai: The rupee gave up some more ground in afternoon trades on Tuesday as the euro continued to weaken along side Asian peers and negative local shares.

At 1:20pm, the partially convertible rupee was at 44.7350/7425 per dollar after touching 44.7400--a level not seen since 30 June. It had ended at 44.475/485 on Monday.

The euro was at $1.3957 versus $1.4088 at the close of domestic forex trade on Monday, while the index of the dollar against six major currencies was up 0.37% at 76.278 points.

The euro fell to a four-month low against the US dollar on Tuesday as edgy investors continued to dump the common currency on mounting concerns that the euro zone’s sovereign debt crisis was spreading to core economies like Italy.

The local benchmark share index too fell more then 2% as major markets in Asia were battered by the euro zone debt worries.