Thursday, May 08, 2008
Rupee falls to one-year low of 41.77/dollar
Resuming its slide against the greenback, the Indian rupee plunged to its more than one-year low of 41.76/77 against a US dollar.
Heavy demand for US currency in view of high oil prices continued modestly on its short supply.
The Interbank Foreign Exchange (Durex) market witnessed brisk trade with wide fluctuations in the local currency in a range of 41.55 and 41.79 during the day. The local currency lost 41 paise against the US counterpart.
The rupee resumed sharply lower at 41.59/60 a dollar from its last close of 41.35/36 a dollar. The rupee is hitting this level for the first time since April 20 2007 when it closed at 41.76/77 per dollar.
Meanwhile, the Reserve Bank of India [Get Quote] Governor Dr Y V Redder said the situation is reflective of the "global uncertainties".