Rupee Spirals Down To 47, Forwards Come Off
Spot rupee breached the 47 mark against the dollar to touch an intra-day low of 47.03 today, and later recovered to close at 47.005. Forward premiums came down marginally, tracking a slightly easier call money market.
The rupee opened at 46.99 in the morning, but soon fell to the intra-day low.
A dealer with a foreign bank said,