Rupee weakens, breaches Rs 54 per dollar

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Rupee weakens, breaches Rs 54 per dollar
The Indian rupee crossed Rs 54 per dollar in early morning trade today, slipping by 61 paise. This situation is due to persistent demand for dollars from banks, importers and continuous foreign capital outflow.

The persistent foreign capital outflow have smitten the market sentiments. Dollar strengthening over its overseas rivals. Continuous foreign fund capital outflows in view of the fall in the equity market, coupled with a stronger dollar in global markets, mainly affected the rupee value against the American currency, a forex dealer said.

The Indian rupee, Asia's worst performing currency this year, expecting strong action from authorities.

In US market, the euro slipped to its lowest level yesterday since January, slipping below USD 1.30 per euro.

At 12.55 pm IST, BSE was seen trading at 15,759.58 down by 121.56 points or 0.77%. The 50-share NSE was at 4718.95 down by 44.30 points or 0.93%.

Read more about: dollar, bse, nse
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