Rupee closes at 49.71/72 against the dollar
18 Nov 2008
Mumbai: The Indian rupee lost 37 paise to the dollar, as the domestic unit neared the 50-a-dollar mark at 49.71/72 to the dollar.
In lacklustre trading at the forex market, the domestic currency resumed weak at 49.55/56 a dollar from its overnight close of 49.34/35 a dollar and later fell further to 49.71/72 a dollar in late morning deals.
Traders said the rupee has been under pressure and expected the Reserve Bank to intervene at the 50-level.
The rupee has been hit mainly due to the large capital outflows from equity markets, even as finance minister P Chidambaram said the direction of capital flows may reverse in a month or two.
The flight of capital also affected the stock markets where the benchmark Sensex declined 261.11 points or 2.81 per cent in the morning. The index closed below the 9000 mark.
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