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August 4, 2000
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Rupee closes at record low of 45.43/$

The rupee continued its plunge even on Friday, closing at yet another record low. Despite the repo auction outflows, the Indian currency closed at 45.43 to the US dollar. Heavy corporate dollar-buying is seen as one of the reasons for its slide, dealers said.

The rupee had opened at 45.28/32 per dollar on Friday after it closed at 45.32/35 per dollar on Thursday.

Earlier report: The rupee continued to test new record lows against the US currency early on Friday. This trend came against renewed demand for dollars from corporates and importers, and despite the central bank's monetary measures to check the slide.

In fairly active but nervous trade at the Interbank Forex Exchange market in Bombay on Friday morning, the rupee tumbled down on a fresh wave of dollar short covering to currently trade at Rs 45.40/42, sharply down from the overnight lifetime lows close of Rs 45.33/34.

The rupee opened at Rs 45.31/33.

Genuine dollar demand from corporates, importers and foreign funds continued to exert severe pressure on the rupee in spite of the Reserve Bank of India's steps to stall the rupee depreciation, dealers said.

The RBI on Thursday reiterated its resolve to check excessive speculation in the forex markets.

Meanwhile, in cross currency trades, the euro was quoted at Rs 41.04/07, pound sterling at Rs 67.80/83 and Japanese yen at Rs 41.16/18.

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