Rupee dips by another 34 paise to hit 23-month low

MUMBAI: The rupee continued its slide for another day today and virtually hit a 23-month low of 45.45 during earlollar jumped to a one-year high against the single european currency in overseas markets.

In active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed sharply lower at 45.35/36 a dollar from its previous close of 45.11/12 a dollar and later hit a low of 45.45 level before being quoted at 45.39/40 a dollar in late morning deals.

Forex dealers said sustained dollar demand from oil companies in the light of low crude oil prices and inadequate dollar supplies weighed on the rupee sentiment.

They said some dollar selling was seen when the rupee hit the 45.45 level this morning.

All major currencies weakened against dollar due to increased risk aversion, a leading banker said.

Meanwhile, Asian stocks suffered a sharp setback on continued worries about the global financial crisis.

Indian benchmark Sensex was down 186 points or 1.27 per cent in the initial fifteen minutes of trading.


Gold continues to slide on weak global cues

NEW DELHI: Tracking global cues gold prices on Thursday fell for the third straight session, dipping by Rs 145 to close at Rs 11,500 per ten gram on the bullion market on firm dollar and reduced inflationary concerns.

The precious metal remained under selling pressure as retailers postponed their buy on hopes of a further fall in the coming days and weak global trend.

Marketmen said gold remained under selling pressure largely on falling trend in global market where dollar strengthened against major currencies and crude oil fell, reducing concerns of inflation and demand for the metal as a safe hedge.

Standard gold and ornaments which had lost Rs 255 in last two session, fell further by Rs 145 each to settle at Rs 11,500 and Rs 11,350 per ten gram respectively