Rupee down against US dollar

Written by Agencies | Mumbai, January 28: | Updated: Jan 28 2008, 17:00pm hrs
Reacting negatively to a sharp slide in stocks market, the rupee on Monday turned weak against the US currency and was quoted seven paise lower in morning trade at the Interbank Foreign Exchange (forex) market.

In fairly active trade, the local currency resumed lower at 39.41/43 a dollar from previous close of 39.3650/3700 and later moved downwards to 39.43/44 in late morning deals.

Weakness in Asian stocks markets weighed on the rupee sentiment, forex dealers said.

The Indian unit came under pressure due to sustained capital outflows despite a sharp rate cut by the US Federal Reserve last week, they added.

The benchmark Sensex was down 640 points in late morning trade while Asian indices fell by about 2.5 per cent to 5.5 per cent.