Rupee tumbles on news of Mumbai serial blasts
Monday, August 25 2003 15:13 Hrs (IST)
Mumbai: Nervousness gripped the interbank foreign exchange (forex) market in Mumbai on August 25
afternoon, sending the rupee tumbling down on a fresh wave of panic dollar selling, following reports of
a series of blasts that hit the city.
As news trickled in of several explosions rocking the city, the rupee initially plunged by over ten paise to
Rs 45.97/99 from opening levels of Rs 45.8450/8600, before recovering partly to Rs 45.91/94 around
14.00 hrs (IST), a dealer said, adding "but, cautious nervousness still prevails at
the market".
The rupee, under the usual month-end pressures was now stabilising from the temporary knew-jerk
reaction and was allowing market forces of demand/supply to govern its direction, dealers said.
Meanwhile, at the bullion markets, trading was suspended temporarily, dealers said.
PTI
What do you think of this article ? Click here to post your views

Related Links
Mumbai blasts plunge SENSEX by over 130 points
Several feared killed in Mumbai blasts
|