Monday, November 29, 1999

Rupee drops on shares fall; dollar`s broad gains

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The rupee dropped on Monday morning weighed by a sharp fall in the local sharemarket which raised concerns about foreign capital outflows and also hurt by the dollar's gains against major currencies.* At 9:26 a.m. the partially convertible rupee was at 45.72/73 per dollar, sharply below its Friday's close of 45.21/22.* Indian shares fell more than 2 percent early, with Reliance Industries and Infosys Technologies leading the decline, as world stocks dropped on worries over euro zone debt concerns.* The index of the dollar against six major currencies was up 0.9 percent.* The euro extended its losses on Monday and hit a four-year low, hurt by persistent worries that harsh spending cuts mandated by a bailout plan may choke off a fragile recovery in the euro zone.(Reporting by Swati Bhat; editing by Sunil Nair)(For more business news on Reuters Money visit
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