Rupee depreciates further by 17 paise vs dollar

Mumbai, Aug 7 (PTI) The Indian rupee on Friday
depreciated further by 17 paise to close at 47.84/85 against
the US currency following heavy capital outflows amid sluggish
equity markets despite a weak dollar overseas.

Forex dealers said the fall in the rupee was mainly due
to heavy selling by foreign funds in equity markets in the
last two days. They pulled out over Rs 1,000 crore in the past
two days, affecting rupee sentiment.

At the Interbank Foreign Exchange market, the rupee
resumed sharply lower at 47.83/84 a dollar against the
overnight close of 47.67/69 a dollar.

It moved in a range of 47.76 and 48.00 before concluding
the day at 47.84/85, down by 0.36 per cent.

On Thursday, it was down by 15 paise.

The Indian benchmark Sensex on Friday ended sharply down
by 353.79 points or 2.28 per cent after tumbling 389.80 points
or 2.45 per cent on August 6, 2009.

Global crude oil prices continued to trade above USD 71 a
barrel in Asian trade Friday.
The Reserve Bank of India, however, fixed the reference
rate for the US dollar at Rs 47.86 and for the euro at Rs
68.69.

In cross-currency trade, the local unit improved further
against the pound while declined against the euro and the
Japanese yen.

The rupee strengthened against the pound to end at Rs
80.07/09 from the previous close of Rs 80.27/29 while the euro
reacted downwards to close at 68.66/68 paise from Rs 68.50/52
previously.

It also moved down further against the Japanese yen to Rs
50.21/23 per 100 yen from the overnight closing level of
49.90/92 per 100 yen. PTI VMP
SDE
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