Rupee loses over 40 paise against USD during week

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Mumbai, Oct 20: The Rupee slid more than 40 paise against the greenback, on the note of a bearish Sensex and in an extremely volatile market, during the week ended October 19.

Mirroring the sharp downfall of the stock market for four straight days this week, the partially convertible Indian currency ended weaker on Friday at 39.73/74 per dollar. Throughout the week, the Rupee almost tracked the Sensex move, dealers said.

On Monday, the local unit made a firm start at 39.34/35 per dollar and ended at a marginal gain against the US unit.

However, from Tuesday, the Rupee reverted back to the weaker side by losing 20 paise against dollar and followed the trend the next day with a loss of 22 paise to touch 39.77/78 per dollar, as the Sensex witnessed sharp fall due to government's proposal to curb the foreign funds inflows. On Thursday, it ended flat against dollar, while on Friday it ended marginally weaker, dealers said.

Moreover, the Indian unit traded in a wide range of 39.31 and 39.95 against dollar in a highly volatile inter-bank foreign exchange (Forex) market this week.

It is also expected that the Rupee may follow the sentiments of Sensex in the future sessions, said a senior forex dealer with a leading private sector bank said adding, ''Market riding on the tide of high volatility, with swinging index would definitely impact the Rupee's movement.''

UNI

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