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Rupee falls to record low of 50.15 per dollar

This article was posted on Oct 24, 2008 and is filed under Market Outlook

MUMBAI: Rupee opened trade on Friday at a record low of 50.15 per dollar, weighed down by heavy losses in Asian stocks which raised worries of more outflows from the local share market. At 9 am, the partially convertible rupee was at 50.00/15 per dollar, compared with 49.81/82 at close on Thursday.

Asian stocks fell on Friday, led by a 4 per cent drop in Japan’s Nikkei, as the global economic slowdown slashed earnings prospects for an array of companies, forcing investors to look to safer government bonds.

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