Rupee ends at 8 year's low at 49.02 per US dollar

Mumbai, Oct 20 (UNI) The Rupee today ended at a eight year low at 49.02 against the US dollar on good dollar purchases by banks amid a surge in stock markets.

The earlier low of the domestic currency was on June 18, 2002 when it closed at 48.99/49.00 a dollar, a leading dealer said.

Forex dealers said the Rupee surged against the dollar in early trade on expectations of capital inflows. Central bank's surprise cut in repo rate by one per cent also aided the rupee sentiment, they said.

The Rupee opened at 48.70 per dollar and later fluctuated in a wide range between 48.70 and 49.04 during the session from a remarkable surge in stocks across Asian and Europe.

The benchmark Sensex rose by over 450 points at mid-session but pared some loses to end the day higher by 247 points or 2.48 per cent. Asian indices also ended up by about 2.0 to 5.0 per cent.

However, the Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 48.83 per unit, up by 15 paise, against yesterday's rate of Rs 48.68 per dollar. The reference rate for Euro rose by 16 paise at Rs 65.86 per unit from it last close of Rs 65.70 per unit, a RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were lower by 0.51 (0.78) per cent and 0.45 (0.63) per cent respectively.

The Rupee today ended softer at 65.84/86 (65.54/56) per unit against the Euro. It closed at 85.26/28 ( 84.50/52) per unit against the Pound Sterling and at 48.20/22 (48.38/40) per hundred units against the Japanese Yen.

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