Rupee weakens eight
paise against dollar
New Delhi, Jan 09, 2007
Ashok Malhotra
NRI press
The Rupee suffered a sharp setback during early trade
and was quoted about eight paisa down from Friday's
close amid strong Pound and Euro against the dollar
in overseas markets.
In lacklustre trade at the interbank foreign exchange
(forex) market, the Indian unit resumed weak at Rs
44.37/38 per dollar from Friday's close of 44.3050/3150
per dollar and later eased further to Rs 44.38/39
per dollar in late morning deals, weighed down by
sluggish equity markets.
"There was nothing worthwhile and the activity
was at a low ebb but the Rupee dropped as Pound sterling
and Euro strengthened against the dollar in global
markets, forex dealers said.
Meanwhile, the Bombay Stock Exchange (BSE) benchmark
Sensex tumbled by about 174 points during morning
trading in line with weak trend in Asian markets,
which in turn, had adverse impact on the Rupee sentiment.
