Rupee depreciates to 49.90 against dollar

The rupee tumbled by 29 paise to quote at 49.90/91 against the US currency in late morning deals.

Written by Agencies | Mumbai | Published: February 20, 2009 11:23 am

The rupee tumbled by 29 paise to quote at 49.90/91 against the US currency in late morning deals following bearish equity markets amid concerns over the increased capital outflow.

After overnight brief recovery,the domestic unit resumed lower at 49.80/82 a dollar at the Interbank Foreign Exchange (Forex) market from Thursday’s close of 49.61/63.

Later,it moved downwards to quote at 49.90/91 in late morning deals.

After straight three sessions of fall,since Monday,by a whopping 125 paise or 2.57 per cent,the rupee recovered by 31 paise on Thursday.

Fall in equity markets mainly weighed on the rupee. The Indian benchmark sensex was down by nearly 210 points or 2.37 per cent at 1015 hrs while besides China,most of the Asian indices also were trading in negative terrain this morning on the back of steep fall on Wall Street on Thursday.

The main market movers,Foreign Institutional Investors (FIIs),continued their selling spree and they sold shares worth Rs 363.48 crore on February 18,as per provisional data,impacting negatively on the rupee.

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