Rupee drops 18 paise; weakness likely to persist

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 Rupee drops 18 paise; weakness likely to persist
The rupee dropped 18 paise in trade today, tracking weakness in equities. The Indian currency was trading at 55.45, down 18 paise over Thursday's close.

Analysts believe that the rupee would trade weaker, as high prices of crude could have an adverse effect on the rupee. Crude has rallied over 10% in the last few weeks. Demand from crude oil importers tends to have a bearing on the rupee.

However, in the last few weeks a steady inflow of funds from foreign investors has kept the rupee steady.

Meanwhile, markets were trading weak, with the Sensex down by more than 23 points at 10 am IST.

Read more about: currency
Story first published: Friday, August 10, 2012, 10:07 [IST]
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