Rupee continues its losing streak; down 30 paise

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Rupee continues its losing streak; down 30 paise
The partially convertible India rupee on Tuesday continued its losing streak and dipped further on persistent dollar demand from importers and a volatile equity market.

The persistent foreign capital outflow has affected sentiments. The rupee fell 30 paise and was seen trading at Rs 52.80at 11.30 am IST.

The rupee plunged 42 paise on Monday to close at three-and-a-half-month low of 52.50/51 against the dollar.

The Indian currency is expected to trade lower on the back of poor capital inflows and dollar demand from importers. Fund flos from foreign institutional investors too seemed to have tapered off, with inflows just about being marginal. In fact, on Monday FII data showed a net inflow of Rs 328 crores in equity, while the outflow in debt was Rs 455 crores.

Indian stocks were affected by political concerns, particularly in France, where prospects of Presidential candidate Holande emerging as the President affected sentiments.

Meanwhile, Markets were seen trading up, the BSE was seen up 95 points. The 50-share NSE Nifty up by 21 points.

GoodReturns.in

Read more about: currency, dollar, fii
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