Rupee makes a dash towards 55; down 24 paise

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Rupee makes a dash towards 55; down 24 paise
The rupee made a dash towards the 55 level, falling 24 paise against the dollar and hitting a historic low in the process. Lingering fears in Europe, a weak Euro and a general risk aversion appetite have played on the rupee.

The Indian currency was trading at 54.71 paise at 9.10 am IST, down 24 paise over Thursday's close.

Foreign funds have also not propped up the rupee, as they have been net selling over the last one month. In fact, on Thursday as per SEBI data Foreign institutional Investors net sold in equity to the tune of more than Rs 400 crores.

The rupee would continue to weaken given India's poor fundamentals and weak equity markets due to the ongoing problems in Europe, particularly in Greece where there are fresh elections in June.

The Euro too has dipped against the dollar, dragging other currencies with it.

Read more about: currency
Story first published: Friday, May 18, 2012, 9:30 [IST]
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