Rupee back to 50 per dollar

Business

oi-Sneha

By Sneha B K

Published: Tuesday, March 6, 2012, 11:58 [IST]

The Indian rupee on Tuesday opened at 49.90 per dollar versus 49.84 per dollar yesterday and slipped further by 16 paise to trade at Rs 50 per dollar on the Interbank Foreign Exchange.

Investors remained cautious ahead of the election results in the northern states of Uttar Pradesh.

Tracking weak global trend and dollar strengthening against euro and other major currencies weighed on the rupee. The dollar demand for oil and defense imports further led to depreciation of the rupee.

At 10.10 am IST, the rupee was seen at Rs 50.01 lower by Rs 0.17.

Meanwhile, Markets remained volatile due to ongoing elections, the BSE sensex was seen up by 153 points . The 50-share NSE Nifty up by 29 points.

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