Rupee depreciates further to 53.49 per Dollar

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Rupee depreciates further to 53.49 per Dollarr
Rupee declined lower after wicked shrinkage in IIP data . Rupee closed at 52.93 on Monday.

At 10.50 am IST, the Rupee in the domestic currency futures for December contract on the NSE opened at 53.11/12 and was seen trading at 53.49 a Dollar.

The declination in IIP by 5.1% in october has severly affected the domestic currency. The depreciaton is mainly due to negative IIP numbers and unresolved Euro zone issues. Globally, investors are finding a safe stay at dollars.

The domestic currency is moving closer towards 54 per dollar-a-mark, which indicates domestic and international worries.

Currency traders are pessimistic about the performance of the domestic economy seeing the latest inflation figures, political uncertainities, hold on FDI, etc.

Gold is also losing its clutch, amid all these concerns. Gold fell more than Rs 300 in past two-days and is trading below Rs 29,000 level.

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Read more about: euro zone, gold, nse, bse, dollar, currency
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