Tuesday, December 02, 2008

Indian Rupee closes at record low of 50.29/$

The currency extended a three-week decline after India’s deadliest terrorist attacks in 15 years that lasted almost for four days.

Rupee closed at a record low as a slide in equities fueled concern investors will increase sales of local shares. The currency extended a three-week decline after India’s deadliest terrorist attacks in 15 years that lasted almost for four days.

Sensex slid 2.8% today, taking this year’s loss to 56.4%. The rupee dropped 0.4% to close at 50.29 per dollar, according to the reports. It fell as low as 50.355 in intraday trading.

FIIs sold Indian equities worth a record US$13.7bn more than they bought this year, according to the SEBI data.

Courtesy: indiainfoline.com

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