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MUMBAI: The Indian rupee weakened to its lowest level in more than 15 months on Tuesday after shares turned negative and the euro fell against the dollar.

At 1:45pm (0815 GMT), the partially convertible rupee was at 47.47/49 per dollar, after touching 47.51, its lowest since May 26, 2010.

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MUMBAI: Rupee on Monday tumbled by 66 paise to close at nearly a 14-month low of 47.22/23 against the US currency amid a steep fall in global stocks and strengthening of dollar against major rivals, including euro.

Foreign exchange dealers said persisting demand for dollar from importers and banks in the wake of fresh signs of capital outflows weighed against the local currency.

Ananth Narayan, MD & Regional Head, Fixed Income, Currencies and Commodities, said dollar appreciation against euro triggered the rupee’s steep fall.

Euro declined 0.4 per cent against the dollar at USD 1.3594 as investors feared that Greece would default on its debt and banks would be downgraded.

In the Asian market, the common currency for 17 European countries lost 1.2 per cent to 104.66, a 10-year low against yen.

With global stock and currency markets witnessing a turmoil, the rupee opened weak and fell further to settle a sharp 1.41 per cent lower at 47.22/23, its weakest close since July 20, 2010 when it finished 47.34/35.

"It (the weakening of rupee) was building up over the last month because of euro zone crisis. In August there was also a big oil payment to Iran.

"The rupee will continue to be vulnerable in short-term and it is very difficult to predict its movement. It may also go to 47.50 to 47.75 levels. In th medium term, we expect it to play out well and factors like the ONGD FPO and FDI coming to India should help it go below 46 by 2011-end," Narayan added.

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Allegation​s against Abraham Mathai

The Catholic Secular Forum condemns, denounces and refutes the vicious and malicious allegations on email circulated by certain “Alert Christians” which is meant to assassinate and damage the character of Dr.Abraham Mathai who has the served the community diligently in his capacity as Member and later as Vice Chairman of the Minorities Commission.

The CSF further states that all these  false allegations in the recent email were raised in the year 2004/2005 at the behest of a former Muncipal Corporator  and the same were certified  as false and malicious by appropriate government agencies.
The allegation of Dr. Abraham Mathai causing division within the Christian community is absolutely nonsensical and needs to be condemned since he enjoys the support and confidence of all the Christian groups not only in the city of Mumbai but the whole state of Maharashtra.

The above statement is being issued by the CSF in the interest of preserving and maintaining Christian unity in the light of such vicious and divisive campaigns.
 
Joseph Dias