MUMBAI: Rupee fell to its lowest since December 2006 on Friday, as a stock market slide triggered concerns of further foreign fund outflows.
At 3:42 p.m. (1012 GMT), the partially convertible rupee was at 44.70/72 per dollar, its lowest since Dec. 21, 2006 and weaker than its previous close of 44.35/36. The Sensex fell 2.8 percent, tracking losses in other regional stock markets weighed down by fears of a global economic slowdown. Foreigners have sold more than $7.3 billion in local shares so far in 2008 pushing the stock market down by more than a quarter. They bought a record $17.4 billion in 2007. A widening trade deficit added to funding concerns. The trade deficit in July was $10.8 billion, expanding from $9.8 billion in June. For April-July, the first four months of the fiscal year, the deficit widened to $41.23 billion between April-July from $27.35 billion a year earlier. N.Sukumar Research Analyst --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
