MUMBAI, OCT 25: The Indian rupee continued its free fall on heavy dollar demand and closed at an all-time low of 46.64/66 per dollar, shedding a whopping 21 paise over the previous day's close at a volatile interbank foreign exchange (forex) market today. The rupee has so far lost 3.15 (or 7.2 per cent) during the calender year from 43.49 Reeling under sustained pressure, the Indian currency opened weak at 46.45-47 per dollar and continued its southward journey to breach the psychological level of 46.50 in the mid-session trading. The unit witnessed only one-way (downward) movements throughout the day and closed at a life time low of 46.64/64, losing 21 paise from the previous day's close of 46.43 According to forex dealers, major corporates and banks were seen covering their month-end requirements of US dollar ahead of the long weekend due to "Diwali" and new year holidays. The rising international oil prices and net selling by foreign funds in the capital market also added pressure to the rupee. The absence of any action from the Reserve Bank of India (RBI) even after rupee breached the psychological level of 46.50, panicked the market players who resorted to heavy dollar buying, they added. However, there was no panic in the market and the rupee's decline was gentle and orderly, devoid of excessive speculation, dealers said. Sensex gains 92 points: Indian stock markets closed on a better note with stocks overcoming early resistance and later rallying smartly lifting the benchmark Sensex by about 92 points on fresh buying support from local investors and foreign institutional investors (FIIs). Revival support from FIIs, dealers said, which had been net sellers since last several settlement periods, helped boost investors' morale to a large extent. Bears were forced to cover their short positions on the last day of the current settlement. Sensex opened marginally down at 3644.11 but later made a turnaround rising sharply to the day's high of 3748.96 before closing at 3743.61 as against yesterday's close of 3651.99, showing an impressive net rise of 91.62 points or 2.51 per cent. The BSE-100 Index also spurted by 55.63 points to 1910.99 from previous close of 1855.36. Pharma sector was in the limelight with majority of scrips scoring handsome gains on indication of encouraging working results for the second quarter. Dealers did not rule out continuity of current upsurge which is likely to lift the Sensex by another 100 to 150 points as the long settlement period is expected to increase speculative interest. Ashok Leyland was stuck in the upper circuit filter at close on the company's decision to buy back shares at Rs 60 per share when the market price was Rs 39.85 yesterday. In the specified group, 113 counters including 26 index-based shares registered sharp to moderate gains while 24 others showed losses. The market leader HFCL rose by 33.80 to 1148.55, Global Tele was up by 77.65 at 1069.90, Infosys Tech by 158.65 at 724.65, Satyam Computer by 4.15 at 342.55, Zee Telefilms by 13.05 at 309, BHEL by 2.55 at 102.55, Dr Reddy by 84.25 at 1427.30, Glaxo by 33.45 at 470.70, GACL by 6.95 at 136.85, HLL by 3.30 at 172.15, ITC by 6 at 767.30, Ranbaxy by 69.65 at 698.40, Rel Petrol by 2.50 at 55, RIL by 8.70 at 302, TELCO by 2.40 at 71.05 and TISCO by 3.25 at 99.
