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August 10, 2000
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Rupee at new low of Rs 45.87/$

Strong dollar demand from corporates drove away the Indian currency further by 27 paise to close at a new all-time-low of Rs 45.85/87 per dollar amidst volatile trading at the inter-bank foreign exchange market on Thursday.

Indian rupee's moderate recovery on Wednesday against the dollar, after witnessing a continuous fall for eight trading sessions, wiped out in the opening hour on Thursday, when the rupee came under all round dollar buying pressure, dealers said and predicted that the currency now all set to breach psychological barrier of Rs 46 any moment in next trading session.

The rupee opened at Rs 45.65/66 per dollar, it was quoted higher at Rs 45.61/63, before starting southward journey and breached the Rs 45.80 level at around 1500 hrs and tumbled further to close at 45.85/87 per dollar, showing a net decline of 25 paise from the previous close of Rs 45.60 per dollar.

According to forex dealers, the currency has so far lost by more than 5 per cent during the current year since January.

There was heavy all round buying from both state run and foreign banks and the State Bank of India or the RBI did not try to protect rupee in anyway and allowed it to go by its way , said a chief forex dealer at the leading private commercial bank.



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