WAR ZONE MUMBAI

Rupee under tension but money markets subdued

Mahalakshmi Hariharan
Posted: Saturday, Nov 29, 2008 at 0048 hrs IST
Updated: Saturday, Nov 29, 2008 at 0048 hrs IST

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Mumbai: than 49.48/50 Wednesday.

So far in 2008, foreign funds have withdrawn a net $13.8 billion from Indian shares, showing a decline of 21.3% in rupee. They had bought a record $17.4 billion last year. One-month offshore non-deliverable forward contracts were quoting at 51.12/27, weaker than the onshore spot rate, indicating a bearish outlook for the currency in the near term....

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