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Tuesday, September 15, 2009
Wednesday during early deals, the Indian rupee plunged to a 15-day low against the dollar as overseas investors trimmed holdings of riskier emerging-market assets on concerns over global economic recovery.The Indian market is trading sharply lower amid weak global cues on worries a world economic recovery would take longer than expected. Net FII selling and concerns about a rising fiscal deficit are also weighing on investor sentiment.
The BSE Sensex opened lower at 14,040 and fell further in early trading. The index is now trading near the day's low at 13,746, down 425 points or 3% and the S&P CNX Nifty is trading at 4,071, down 3.12%.
The rupee fell to a 15-day low of 48.9350 against the dollar today and this may be compared to yesterday's New York session close of 48.4650. If the Indian currency weakens further, it may likely target the 49.5 level.
The Indian currency has been showing weakness against the dollar after it reached a 15-day high of 47.5650 on July 02. Since then, the rupee has lost 3% against the dollar.
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