Business & Economy

Rupee slips to 48.32 against US dollar, more than two-year low

United News of India

Mumbai, September 21, 2011

The rupee today tumbled by 26 paise to end at 48.32 against the US dollar, more than a two-year low, extending the losing streak for the third session, on persistent demand for the greenback from bankers and importers, dealers at the Interbank Foreign Exchange said.

After a two-day slide, the local unit increased by 12 paise to 47.94 against the US dollar following positive opening of the share market. It, however, erased the gains at the end of the session to close at more than a two-year low of 48.32, down by 26 paise.

It fluctuated in a wider range between 47.84 and 48.33 per US dollar in the day.

The rupee was under pressure owing to the dollar's gains against other world currencies coupled with negative trend on equity market, the dealers said.

Now, all eyes are on Federal Reserve's policy meeting, where it is expected to unveil steps to revive a flagging US economy, they added.