MUMBAI, May 22: Overnight reports of skirmishes on the Indo-Pakistan border unnerved the interbank forex spot market and the rupee declined against the US greenback on heavy dollar demand by corporates and importers.Opening at around 40.56/59 per dollar, the rupee dipped to an intraday low of 40.67/69 on demand for dollars from importers and buying by banks, but later ended at 40.65/67 sharply lower from Thursday's finish of 40.54/56.
Thus, the rupee has depreciated by a whopping 11 paise vis-a-vis the greenback today after a six paise fall in the earlier two consecutive sessions. It had gained by seven paise in the first two days of the week. The rupee had plunged to a historic-low of 40.75/80 in intraday trade on May 14.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
