Rupee opens low at 50.05 per US Dollar

Mumbai, Oct 27: The rupee on Monday, Oct 27 opened lower at 50.05 per US dollar, with a loss of nine paise, from its previous close of 49.96, on fresh speculative demand for dollar from foreign banks and others. The partially-convertible rupee fluctuated in a narrow range between 49.96 and 50.13 per dollar in the intra-day trade.

Dealers said ''Rupee slumped to 50.05/06 per dollar today heading back towards Friday's record low of 50.15 on concerns that foreigners would keep selling their stock holdings amidst a global financial crisis.''

UNI