MUMBAI: The rupee slips on Wednesday as foreign funds pare holdings in local assets amid a bout of global risk aversion, with outflows from rebates of recent initial share offerings adding to the pressure on the local unit.
At 9:15 a.m., the partially convertible rupee at 39.64/65 per dollar, a touch stronger than an early low of 39.6750, its weakest since Jan. 22. It ended at 39.555/565 on Tuesday.
Asian stocks slumped on Wednesday, sending investors fleeing to less risky bonds, after unexpectedly weak service sector data in the United States and Europe fueled fears of a recession.
At 9:15 a.m., the partially convertible rupee at 39.64/65 per dollar, a touch stronger than an early low of 39.6750, its weakest since Jan. 22. It ended at 39.555/565 on Tuesday.
Asian stocks slumped on Wednesday, sending investors fleeing to less risky bonds, after unexpectedly weak service sector data in the United States and Europe fueled fears of a recession.
