Re weakens by 35 paise at 49.35/ $ in morning trade
Press Trust of India / Mumbai Jul 13, 2009, 10:59 IST
The Indian rupee today lost 35 paise at 49.35 against the US dollar in the morning trade on dollar buying by banks and sustained slide in the equity markets raising fears of more capital outflows.
The Indian benchmark Sensex tumbled by 235 points or 1.74 per cent at 1030 hrs today amid weak Asian cues.
In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed lower at 49.10/11 a dollar from its last close of 49.00/02 a dollar and later hit a low of 49.35 before being quoted at 49.28/29 a dollar in late morning deals.
Forex dealers said banks bought dollar as the rupee continued its slide against the American currency, which was stable against major world currencies in the overseas markets.
They added local stocks this morning fell sharply leading to fears of increased capital outflows from equity market.
Foreign Institutional Investors (FIIs) have been net sellers so far in July.
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