Rupee depreciates to 48.71 against dollar

At 9:05 a.m.,rupee was at 48.71 per dollar,after touching a low of 48.75 in opening deals.

Written by Reuters | Mumbai | Published: February 12, 2009 8:57:05 am

The Indian rupee opened down on Thursday as falls in Asian stocks markets raised concerns about foreign fund outflows,but the dollar’s weakness against major currencies provided some support.

At 9:05 a.m.,the partially convertible rupee was at 48.71/72 per dollar,after touching a low of 48.75 in opening deals,compared with Wednesday’s close of 48.69/70 per dollar.

Indian industrial output and inflation data on Thursday should provide an update on the economy and prospects for further rate cuts.

The annual inflation rate is forecast to have fallen to 4.43 percent,its lowest in just over a year at the end of January due to a cut in state-set fuel prices,a Reuters poll showed.

Industrial output is forecast to have risen in December by 1.3 percent from a year earlier,about half November’s 2.4 percent increase but stronger than October’s 0.3 percent fall,a Reuters poll showed.

For all the latest News Archive News, download Indian Express App