Rupee hits two year low at 46.05/06 against USD

Written by:
Subscribe to Oneindia News

Mumbai, Sep 15 (UNI) The Rupee today fell past the 46 mark against the dollar to hit a two year low at 46.05/06 with a loss of 32 paise from its last finish of 45.73, knocked down by losses in stocks on worries about global financial sector problems and heavy dollar demand from importers.

Dealers said the central bank was seen intervening in the market, selling dollars through state-run banks to halt the rupee's sharp fall, but it did not provide much respite as the quantum of intervention was not too large.

The partially convertible rupee ended at 46.05/06 per dollar, off a low of 46.08, its weakest since September 20, 2006. It was 0.65 percent weaker than Friday's close of 45.75/76.

''The rupee fell tracking the share market. But there is a general bearishness among market participants as there are no dollar inflows at the moment and they cannot see, when and how that will improve,'' a leading banker said. One-month offshore non-deliverable forward contracts were quoted at 46.32/42, 0.6 per cent weaker than the onshore spot rate, indicating a bearish near-term outlook.

The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 45.94 per unit, edging up by 17 paise, against Friday's rate of Rs 45.77 per dollar.

The six-month and annualised forward dollar premium was quoted lower at 1.66 (2.50) per cent and 1.32 (2.06) per cent respectively.

The Rupee ended the day weaker at 6495/97 (64.31/33 ) per unit against the Euro. It closed at 81.90/92 (80.77/79 ) per unit against the Pound Sterling. Rupee ended at 43.46/48 (42.62/64) per hundred units against the Japanese Yen.


Please Wait while comments are loading...