Rupee ends lower at 49.32 per US dollar

Mumbai, Oct 22 (UNI) The Rupee today ended lower at 49.32 against the US dollar with a loss of Rs 34 paise on heavy dollar purchases by foreign banks and the oil sector.

The Indian unit resumed low at 49.26 per dollar and fluctuated in a wide range between 49.15 and 49.48 per dollar in intra day trade.

Rupee weakened to a record low against the dollar as losses in the local stock market fuelled concerns that foreigners were likely to pare their risk exposure and repatriate investments.

The rupee recovered from the record low, helped by suspected central bank intervention, but further gains were prevented by heavy losses in the local stock market.

Dealers said a stronger dollar overseas was also weighing on the market sentiment. The dollar soared to a two-year high against the euro and a basket of currencies on Wednesday as a worsening global economic outlook prompted more investors to liquidate risky assets in favour of the US currency.

The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 49.29 per unit, up by 46 paise, against yeaterday's rate of Rs 48.83 per dollar. The reference rate for Euro fell by Rs 2.51 to Rs 63.35 per unit from its last close of Rs 65.86 per unit, a RBI release said.

Meanwhile, the six-month and annualised forward dollar premiums were lower by 0.32 (0.52) per cent and 0.34 (0.46) per cent respectively.

The Rupee today ended softer at 63.40/42 (65.48/50) per unit against the Euro. It closed at 80.84/86 (83.04/06) per unit against the Pound Sterling and at 49.64/66 (48.38/40) per hundred units against the Japanese Yen.

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