Re dips 34p to 13-month low against dollar

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ENS Economic Bureau Posted: May 15, 2008 at 2326 hrs IST

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MUMBAI, MAY 14 : The weak rupee seems to be aiding Dalal Street bulls. With the rupee falling another 34 paise (0.8 per cent) to 42.45/ 46 per dollar, the weakest since April 13, 2007, today, shares of IT and export-oriented companies got a big boost and sent the stock markets higher by 1.35 per cent. The BSE Sensex rose 225.49 points to 16,978.35.

“The rally led by Infosys and Wipro fuelled support to small and medium IT stocks,” said Geojit Financial Services head of research Alex Mathew. “The rally was mainly because of the weak rupee, which has broken the key support of 42.55 on the backdrop of strengthening against the euro and other major currencies.”

The rupee, which has already lost 2 per cent this week, has shed more than 7 per cent against the dollar in 2008, as soaring Oil prices have pushed up demand for the greenback.

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