Rupee may drop towards 17-month low

Reuters
Posted: 2008-08-21 09:39:47+05:30 IST
Updated: Aug 21, 2008 at 0939 hrs IST

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Rupee falls to 50/dlr, lowest since Oct 27 Rupee heads towards 50-mark Rupee depreciates to 49.12 against dollar Rupee slips on rate cut expectations

A rise in crude prices and weak Asian stock markets could push the rupee towards 17-month lows on Thursday, but traders will watch for possible central bank intervention.

Oil , India's largest import, was trading above $116 a barrel. This could increase dollar demand from refiners.

Many Asian stock indices were lower on worries about the health of the global economy. The Nikkei average was down 0.4 percent; Hong Kong shares dropped 1.5 percent and the Korea Composite Stock Price Index was down 1.5 percent.

The partially convertible rupee ended a quarter of a percent weaker at 43.70/72 per dollar on Wednesday, after hitting 43.87 during trade, its weakest since March 20, 2007.

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Rupee may drop towards 17-month low

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