Dip in rupee continues, as its hits low of 23 months
The dip in rupee continued, as it hit a low of 23 months at 45.45 because of position of dollar strengthening in abroad, in the midst of augmented pressure on local currency. A fresh one year high jump was made by US currency in overseas bazaar against the European currency.
Local currency was noted lower at 45.35/36 a dollar in Interbank Foreign Exchange market. Prior to being quoted at 45.39/40 a dollar in morning trade, the local currency closed at 45.11/12 a dollar. Later in the day it was seen hitting a low point of 45.45.
Dealers at foreign exchange said, that reason behind the dip in rupee is the constant demand of dollar by oil companies and the inadequate supply of the currency. They also added that with rupee hitting a low point of 45.45, dollar selling was witnessed.
According to a leading bank dealer, following the increased risk aversion every major currency got destabilized against the dollar.
With concerns regarding worldwide global crisis, Asian stocks went through heavy setback. The first fifteen minutes of the trade saw Sensex going 1.27 percent down or 186 points behind.