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Journalism of Courage
The rupee fell sharply by 49 paise,or 1.11 per cent,to end at a six-week low of 44.80/81 against the US currency following sluggish equities amid good dollar demand from importers. Expectations of fresh capital outflows following weakness in local equities and fears of monetary tightening by China due to overheating economy put pressure on the rupee, a dealer said.
Dollar demand from importers and some banks too put pressure on the rupee. The US currency,however,weakened in global trade. The dollar index surrendered its early gains and was down by 0.15 per cent against its six major rivals in European market. The local currency opened slightly lower at 44.37/38 a dollar from yesterdays close of 44.31/32 and immediately touched a high of 44.31.
