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Dollar demand pushes rupee above the 52 level
The rupee was trading at 52.08 against the dollar at 9.40 am. The rupee had touched a low of Rs 52.14 on Thursday.
Equities were also seen trading lower and subdued FII inflows have added pressure on the rupee. In fact, concerns over the implementation of GAAR have seen FII net inflows dwindle.
Rising current account deficit on account of the higher prices of crude oil, has weighed on the rupee. Analysts believe that the rupee will continue to be under pressure, on persistent dollar demand from crude importers.
A further rise in crude prices is bound to add to pressure on the rupee.
Meanwhile, the Sensex and Nifty were seen trading lower tracking weak global cues. Data from Europe has not been too encouraging with rising bond yields in Spain now posing a new worry.
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