Rupee falls to 49 per dollar at open

Good Morning Friends,
Thursday October 16, 2008. My day starts with Prayer at Dadaji’s hosue. Today we have Mr. Vinodbhai Thaakar as our guest there who runs a Prathana Parivar. He gives us very good discourse on Prayar. It was nice. When I reach at office the very first news I read it Rupee falls sharply.

The rupee fell sharply on Thursday as a slump in overseas share markets triggered concerns of increased capital outflows from the local market.
At 9:00 a.m., the partially convertible rupee was at 49.00/15 per dollar compared with Wednesday's close of 48.525/540. It hit a record low of 49.30 last week.

Traders said Wednesday evening's cut in cash reserve requirements for banks would provide more room for the central bank to intervene to support the rupee.