Rupee loses over 40 paise against USD during week
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