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| Rupee falls in tandem with equity markets |
| Press Trust of India / Mumbai Jul 21, 2009, 18:13 IST |
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The Indian rupee today dropped by 22 paise against the dollar in line with the fall in local stock markets, on the back of importers' demand for the US currency.
Most of the Asian currencies were also weaker against the dollar, impacting rupee sentiment.
On the Interbank Foreign Exchange market, the domestic unit opened slightly lower at 48.25/26 against yesterday's close of 48.20/21 and moved down further in sync with equity markets to settle the day at 48.42/44.
It moved in a range of 48.24 and 48.46/$.
After gaining a whopping 940.76 points or 6.60 per cent in the last two sessions, the Indian benchmark Sensex today ended lower by 128.52 points or 0.85 per cent.
Asian indices ended mixed while European markets resumed better today.
Dealers said some importers were buying dollars, weighing on the rupee.
Meanwhile, global oil prices continued to rule steady near $64 a barrel in the Asian market.
The Reserve Bank of India, however, fixed the reference rate for the US dollar at Rs 48.27 and for the euro at Rs 68.54.
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