Rupee slides 0.5 per cent

The Rupee is on a free fall. It dropped half a per cent to its weakest close in seven months on Monday as exporters held on to remittances, ...

The Rupee is on a free fall. It dropped half a per cent to its weakest close in seven months on Monday as exporters held on to remittances, while nervous foreign investors sat out a jittery stock market.

The Indian currency closed at 45.9000/9300 per dollar, down sharply from Friday’s 45.6650/6800. Monday’s close was the lowest finish since 45.9250/9300 recorded on November 25.

‘‘Investment inflows have thinned and exporters are holding on to their remittances, anticipating more weakness in the rupee,’’ said a trader at a state-run bank.

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‘‘There are no signs of central bank intervention. The rupee should fall past the 46 per dollar mark tomorrow. This nervousness should last at least till the budget.’’ Financial markets are waiting for the Government to announce its maiden budget on July 8.

The stock market has weakened over the past two months, and was subdued on Monday as well, with the key 30-share Bombay Sensitive Index losing 0.66 per cent in thin trade.

The rupee is down 0.66 per cent so far in 2004, having more than wiped out gains of nearly five pc made earlier in the year up to April 7, when the rupee closed at a 51-month high of 43.5450/43.5500.

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