Back

Next

Sensex sinks; Japanese markets at 20-year low
October 8, 2008

Rupee tumbles to 6-year low

The Indian rupee tumbled by 54 paise to nearly six-year low of 48.47 against the dollar in morning trading on Wedneasday on fears of more capital outflows due to turmoil in equity markets.

In active trade at the Interbank Foreign Exchange (Forex) market, the domestic currency started weak at 48.22/24 a dollar from its previous close of 47.93/94 a dollar. It later touched a low of 48.47 before being quoted at 48.42/43 a dollar in late morning deals.

Dealers said oil refiners made fresh dollar buying as the Indian unit continued its slide amid unabated capital outflows and absence of dollar selling.

Foreign Institutional Investors continued to pull out funds despite removal of restrictions on Participatory Notes.

Image: A man displays Rs 1,000 notes. | Photograph: Narinder Nanu/AFP/Getty Images

Also read: US crisis: Boom time for law BPOs in India

Back

Next