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Rupee incurs record losses versus dollar in the interbank dealings

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The national currency incurred significant losses against dollar in the interbank dealings amid demand of the US currency was at peak. The American currency started off trading at Rs.63/36, continued to register gains and changed hands at Rs.63/60 at close of markets on Tuesday. Thus, rupee recorded a loss of 0/24 paisas versus dollar in the dealings.

On the international desks, the euro traded near a record high against the dollar on speculation inflation in the common- currency region is too strong for the European Central Bank to cut interest rates.

French inflation accelerated in March to the fastest pace in at least 12 years, a government report showed today. The euro stayed higher against the dollar even as a private report showed investor confidence in Germany unexpectedly fell this month. The pound slid to an all-time low versus the euro amid evidence the U.K. housing slump is the worst since 1978.

Consumer prices in France rose by an annual 3.5 percent, up from 3.2 percent in February, the Paris-based Insee national statistics bureau said today, the fastest pace since 1996. The ZEW Center for European Economic Research said its index of investor and analyst expectations fell to minus 40.7 from minus 32 in March. The gauge reached a 15-year low in January.


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