Rupee slips to two-week low


Bangalore: Due to choppy stocks and dollar demand from two large firms, the rupee fell to a two-week low on Monday. The rupee closed at 47.12/13 per dollar, after hitting 47.13, which was its weakest since July 7, and 0.7 percent weaker than Friday's close on 46.80/81, reports Swati Bhat of Mint. The index of the dollar against six major currencies was 0.2 percent higher, but the euro recovered from its early lows on Monday. According to dealers, early losses in shares weighed. They said that these shares would be watched for cues on foreign fund flows. The price of shares that have been bought by foreigners stands at $8.5 billion in 2010 so far. It was the last year's record $17.5 billion that helped rupee to gain 4.7 percent. The most traded near-month dollar-rupee contract in the currency futures market on the National Stock Exchange was at 47.1950. On the other hand, MCX-SX closed at 47.1850.