Rupee opens low at 48.02 against US dollar

Mumbai, Oct 7: The rupee on Tuesday, Oct 7 opened to nearly five-year low of 48.02 against US dollar, with a big loss of 21 paise, from its last close of 47.81 over growing concerns about foreign fund outflows amid a global financial crisis.

Brokers said the domestic currency slipped past 48 per dollar on Tuesday, Oct 7 to its lowest since January 2003, but trimmed losses on suspected central bank intervention and dollar sales by some custodial banks. There was some heavy selling for dollar by foreign banks in mid-morning session, which was trading at 47.95 per dollar. Later, the partially-convertible rupee was trading in the range between 47.73 and 48.04 per dollar during the mid session.

UNI