Rupee Declines against Dollar

The Times of India:  The continuous slide in the stock market, led mainly by selling by foreign funds, is leading to weakness of the Indian rupee against the US dollar. On Monday, the Indian currency fell to a three-week low of 45.52, but settled at 45.45. On Friday it had closed at 45.38.Over the last two days, foreign investors have taken out over Rs 2,100 crore from the stock market, mainly on fears that the inflation rate prevailing in the country could lead to further rise in interest rates, stall corporate growth and finally leading to lower valuation of most stocks, institutional dealers said. The weakness of the rupee was also aggravated by buying of dollars by oil companies, market players said.  Read more at The Times of India…..