September 18, 2008
Rupee Dips Further to Record Low of Rs.46.71
a Dollar
New Delhi
The Indian rupee continued to weaken Thursday and fell to a record low of Rs.46.71 to a US
dollar on increased dollar buying by foreign institutional investors (FIIs), analysts said.
'FIIS are selling heavily in the share markets and since they get their money in rupees they are
buying dollars for forward remittance to their respective countries,' said Jagannadham
Thunuguntla, head of capital markets of India's fourth largest securities brokerage house, the
Delhi-based SMC Group.
On the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), the combined
net sales of FIIs have been Rs.88.8 billion since Sep 1 till date, BSE data shows.
Since Jan 1, the net sales by FIIs have been as much as Rs.781 billion, much of which they have
remitted back to their respective countries in dollars putting pressure on the rupee.
The Indian central bank, Reserve Bank of India's reference rate was R